Cibc Visa Random Checks???
Aug 29, 2008 | 4:58 am
#16
Original Poster
Join Date: May 2008
Location: Montreal
Programs: Aeroplan, M&M
Posts: 613
According to merchants I have spoken to, CIBC query more transactions than any other CC provider.
Not only that, it does not help at all to call ahead of time to warn them that you are about to make a purchase which is outside your normal pattern. I've been told that the fraud detection heuristics work in real time and can't be defeated by prior warnings. So you'll be forced to call in and confirm at the point of sale in any case.
When chip & PIN finally reaches Canada, this nonsense should stop. I still cannot understand why a highly effective technology, proven to defeat POS fraud, should take so long to be implemented in North America. If it can be rolled out so quickly in multilingual Europe, why the foot dragging over here? This makes me somewhat cynical about CC providers' "concerns" about fraud.
Not only that, it does not help at all to call ahead of time to warn them that you are about to make a purchase which is outside your normal pattern. I've been told that the fraud detection heuristics work in real time and can't be defeated by prior warnings. So you'll be forced to call in and confirm at the point of sale in any case.
When chip & PIN finally reaches Canada, this nonsense should stop. I still cannot understand why a highly effective technology, proven to defeat POS fraud, should take so long to be implemented in North America. If it can be rolled out so quickly in multilingual Europe, why the foot dragging over here? This makes me somewhat cynical about CC providers' "concerns" about fraud.
Just funny!
Aug 29, 2008 | 10:05 am
#17
Join Date: Jan 2005
Location: Vancouver, Canada
Programs: United MileagePlus Silver, Nexus, Global Entry
Posts: 8,810
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I still cannot understand why a highly effective technology, proven to defeat POS fraud, should take so long to be implemented in North America. If it can be rolled out so quickly in multilingual Europe, why the foot dragging over here?
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Because of the great cost associated with swapping out all the credit terminals in every retailer all across Canada. There are literally millions of terminals out there. Because of the penetration of Interac, all the terminals are 'injected' with digital keys to prevent the theft of PINs. Replacing them all is a PITA. And that's just the standalone machines... The ones hooked directly to cash registers (at, for example, supermarkets) is a whole other can of worms.
The banks don't want to pay the expense, nor do the merchants.
Bottom line is it will happen, but slowly.
I still cannot understand why a highly effective technology, proven to defeat POS fraud, should take so long to be implemented in North America. If it can be rolled out so quickly in multilingual Europe, why the foot dragging over here?
-------------------------
Because of the great cost associated with swapping out all the credit terminals in every retailer all across Canada. There are literally millions of terminals out there. Because of the penetration of Interac, all the terminals are 'injected' with digital keys to prevent the theft of PINs. Replacing them all is a PITA. And that's just the standalone machines... The ones hooked directly to cash registers (at, for example, supermarkets) is a whole other can of worms.
The banks don't want to pay the expense, nor do the merchants.
Bottom line is it will happen, but slowly.
Aug 29, 2008 | 2:41 pm
#18
Join Date: Apr 2000
Location: Toronto, Ontario, Canada
Posts: 3,665
A thief created a CIBC Visa card in my name and used it to withdraw cash (only). I found out it when I called CIBC about another card and I told them it was a fraud. I reported it to the police and told CIBC to stop the card. They did and then I checked and it had been reactivated - they said I had called to tell them it was not a fraud! This happened four times and finally I had to go to a high level investigator at CIBC credit cards to stop it. I think it was an inside job at the CIBC credit card department because they even tried to con a branch manager (the cc dept told the manager that she had authorized whereas I had asked her to cancel. Fortunately she had taped her call.) So I gave up on all CIBC cards. I think that now that they are being careful it's a good thing. BTW a year later, they sent me a bill!