GJH
LIFE MEMBER
- Aug 20, 2007
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That's fair enough, Dave, and nobody denies that staff trying to prevent fraud work hard to do so.On a regular basis all fraud reporting would go to the banks board and they would often request solutions and reduction strategy.
Any large fraud would trigger an incident report and that would be referred to the CEO and the executive responsible and product owner. They would try and migrate 'non preventable fraud' to 'preventable fraud' thus making as much fraud to be accountable and failure a sackable action.
I wouldn't normally have shared as much information, but I get rather angry when something I devoted a large part of my working life is dismissed. The vast majority of the staff I employed always went the extra mile for me and the victims of fraud. Even after having left 10 years ago they still keep in touch. I am proud of each one of them, even the one who works for the inland revenue in NZ.
Rant over.
However, we keep coming back to the same point which is that the cause of much of the cloning we "ordinary" mortals suffer is not only preventable but is only possible because the card issuers deliberately allow security measures to be bypassed. The card issuers know this and they know they could prevent virtually all (if not all) of it if they wanted to.
The trouble is that the card issuers also know that it would reduce throughput, and consequently profits, made by themselves and the large customers that they pander to in allowing the security breach in the first place. In other words they treat we "ordinary" mortals with contempt because they deny all responsibility to compensate us for anything other than the cash amounts taken; they don't give a damn what inconvenience we may suffer through having to replace cards and deal with the consequences of temporarily reduced account balances.
It might not be so bad if they were actually honest about their policy. The card issuers regularly trumpet about how secure their Chip & Pin and CVV systems are but say nothing at all about the fact that they deliberately allow those systems to be bypassed. They even try to deny it when confronted unless one is tenacious.
Oh for a Freedom of Information Act which applied to the private sector as well as the public.