I personnaly feel that the credit card should reduce the credit usage limit maximum to Rs 1000/- or 2000/- depending on credit card value and if some one wants to exceed the usage, advance information system via sms or from shop or from his mobile should be given. The customer care or authorising department after satisfying with certain reply should permit the increase usage to the extend of credit card limits. Rajesh Srivastava
For every cc transaction, there must be a corresponding mail should be sent to the cc holder's mail account, and in that mail cc holder should have the option to approve or reject the transaction. This mail can be time bound like 48 Hrs. If cc holder doesnt approve or rejects in this time period, the transaction should be approved automatically and respective acknoledgement should also be sent to the cc holder.
By this way cc holder can authenticate the transactions as well as track the old transactions.
If any concerns, write me : intekhab.aalam@gmail.com
Remove the CVV from the back of the credit card. For all credit card transactions where the card is being swiped, an acknowledgement must be received by the bank from the customer either through SMS or phone call. For online credit card transactions, along with the credit card number and CVV, some other vital information which is very private to the customer such as date of birth should be made compulsory. And every time, they need not ask DOB itself, they can keep changing for every transaction. Some examples are DOB, pincode, area name pincode etc.
RE:Some solutions
by vicky singh on Feb 01, 2007 02:44 PM Permalink
Rightly said! I will appreicate thru rediff to all credit card companies to keep updating their security measures to prevent the misuse or fraud so that they can retain total customer satisfaction.
1. The company should sms u whenever there is any transaction 2. The particulars of any trans. above a particular amount to be decided mutually by credit card co. and the customer should be mailed immediately. Else it will be difficultfor the co. to keep track.
RE:credit card fraud
by Smart Fool on Feb 01, 2007 12:56 PM Permalink
I agree with you. Any transaction which is more than some amount should be mutually decided by the bank and the customer. Customers must reply to the sms sent from the bank.
RE:RE:credit card fraud
by manthan mhatre on Feb 01, 2007 02:27 PM Permalink
Yes this can be done easily, sending sms to CC user. It already happens in case of Debit card swipes in ceratin banks then why not in CC.
The swapping machin will provided by bank. On this Swapping maching there must be Thumb impression facility (Left Hand Thumb if person is Male and Right Hand Thumb if person is Female.) must be provided by the Bank who issue this swapping maching. And Bank must take thumb impression of every customer while issuing credit card.
Procedure at Customers end as follows: 1. Swap the credit card in swapping maching 2. after that Swapping maching must ask for thumb impression of credit card holder. 3. if thumb impression validates then only payment done. other wise stop. 4. on credit card - CVV No. not to be printed on credit card. 5. for online creadit card user - user must have email id with digital signature. email id with Digital signature - must validate with Banks record.
The credit card fraud can stop, if the following action taken by the card holder and the dealers.
1. Photograph of the card holder to be affixed on the card. 2. The CVV Number not display backside of the card. 3. Give instruction to the card accepting dealers, verify the photo and signature of the card holder.
4. Accept the card only from the actual customer after verifing the photograp and signature.
