Almost had a bad thing happen on our Vacation

[noone]

I did that for years, but NOONE EVER asked me for ID...

Really? Do you have to drag me into this?

 

[jazz4cash]

I am amazed that more institutions don't put photos on credit cards like BOA. I was in a hurry at an airport diner one time and the waitress mixed up my card with another diner. The other diner also had BofA and she noticed the problem immediately.

My BofA card was used in an out of town grocery store and BofA detected the fraud. They said someone physically swiped the card twice. One attempt was blocked but the other one went through. They took care of getting me a new card, but I had to reset some automatic bill payments. They sent me voice and email alerts as well as an alert on my online banking page.

 

[akck]

Thanks guys. I guess that I will start trying to look at our credit cards online more frequently. I am glad that the credit card companies are catching these charges and don't pass the cost onto us, but I don't understand how the credit card companies can keep absorbing this cost. It has to be costing them a huge amount of money!

I'd bet the cost goes back to the vendor. If they're lucky, they can stop shipments. We all pay for what they end up losing.

 

[Walt34]

I am glad that the credit card companies are catching these charges and don't pass the cost onto us, but I don't understand how the credit card companies can keep absorbing this cost. It has to be costing them a huge amount of money!

This is 12 year old data, but when I was doing fraud investigations the Visa security guy (one for the entire east coast) told us that their fraud losses were .5% of their profits. Not gross, but profits.

Their electric bill was a bigger expense. Since most of it gets kicked back to the vendor the cc companies don't really eat that much of the loss.