SIGforum.com Main Page What's Your Deal! Online credit card fraud and use of two-factor authentications
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| Member |
I can’t log into a video game account or Netflix or anything else online without it having a 2-factor authentication that sends me a text or calls me with a code that I have to put into the website to allow me to continue. Why can’t they utilize this same technology with the use of a credit card online? Seems like it would not be a big deal to enter a code (sort of like a pin at the atm machine) if you wanted to shop online. 1. Enter credit card info on abc website. 2. Sends a text or a phone call to whatever number is on file with bank and that credit card 3. Either gives you a code to enter or you have to reply to text/phone call for it to approve. I just think there should be some way to combat online credit card fraud with all the technology we have now. | ||
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| Member |
Nope. I hate the two factor codes. I would be ok with having to enter a PIN that I predetermine like a debit card. My bank updated their app and finally has finger print log in. About once a week I get a 2 factor log in requirement and code by text message. When I open the text it closes the app and I need a new code. I have to remember to only swipe down on my phone to see a text preview and not fully open the text or everything starts over. | |||
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Fighting the good fight |
My bank (Bank of America) already does exactly this on large online purchases with my bank credit card. Both, in fact, depending on the retailer. If it's a major retailer like Amazon or Best Buy with whom they already have a formal authentication system in place, I get shunted to a screen requesting an authorization code and get a text from BoA with the authorization code. If it's a smaller online retailer without a formal system like that in place, the transaction is put on hold, and I get a text from BoA asking if I've authorized the transaction. I reply with a text saying YES, and the transaction goes through. Online purchases over ~$1000-$1500 seem to trigger it. I had to do this twice just this last week, when buying ~$3k worth of furniture and ~$1.5k worth of new TV for my new house. | |||
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| Member |
Yeah I’ve seen a lot of anti fraud things for large purchases, but I don’t think it should matter if you’re buying a $3 item from amazon. I just think there should be protection for the card holder, bank, and the company selling the item. | |||
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| Dances With Tornados |
I've heard of some of the credit companies offering a Virtual Credit card, or card number, something like that. Apparently you get a one time use only credit card number to use for online purchases and you don't use your actual credit card number. As soon as my credit card company offers that I think I'll sign up for that. Has anyone used that yet? . | |||
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| Fighting the good fight |
I used to sometimes use that when ordering from smaller or less common retailers for the first time. Or when I had to call in with my credit card number. But BoA discontinued that feature last year. (I'm not sure why they stopped.) | |||
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| Thank you Very little  |
Most stolen cards are used for small dollar purchases initially to see if they clear before being used to hit up big purchases. My Costco Visa got hit, oddly enough someone was buying subscriptions to their credit reports. Initial charge was a couple of dollars elsewhere, when it went through, bam 3 $29.95 purchases. It's odd because other than a few local purchases at the LGS, I just use it at Costco, how it got stolen. Every purchase should send you a notice to your phone, if its good, let it go, if bad, click a link to report. Amex does this, I think you can setup the service on any credit card... | |||
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Member |
Check with the issuing institution. Almost all offer settings that define certain transactions and allow you to set threshold amount above which will generate a text. I strongly recommend setting this up. If your issuing institution doesn't offer it, consider getting a card from one that does and use it for online. Let me help you out. Which way did you come in? | |||
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member |
On the Mac, at least, some companies have programmed their "enter the text code" so you can just hover your mouse over the box where you enter it, and it offers to copy it directly from Messages. Pretty quick with that feature. Otherwise, you have to double click the number in Messages to the clipboard, and paste in the box. The Mac's Messages app syncs with iMessage on the phone, so you get the text both places. On my Mac, with the Messages app open, it is just a matter of scooting over to that window to get the texted id number. When in doubt, mumble | |||
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| Member |
I use Capital One Eno which has the virtual card. Generates a virtual card linked to your main card. Can only be used on the site that the card is generated for. Any other use is denied. Great for Amazon or bills to paid. | |||
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| Caught in a loop |
I feel you. I logged into my credit card account this afternoon while trying to justify a new gun, and it kinda sealed the deal for me. Some jackass charged $4,168.11 against a Samsung account earlier. At that price, I at least wanna see what they ordered. "In order to understand recursion, you must first learn the principle of recursion." | |||
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A Grateful American |
Guard your credit card, or this could happen to you... (then again) (NSFW!) "the meaning of life, is to give life meaning" ✡ Ani Yehudi אני יהודי Le'olam lo shuv לעולם לא שוב! | |||
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| Member |
Use a card that can be "turned off" using an app. Only enable it when making a purchase. DIY 2FA. Problem solved. | |||
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