Fraud Alert False Alarms Interview with KOMO Radio Seattle

By Media Relations

CreditCards.com Senior Industry Analyst Matt Schulz spoke on Wednesday, May 20, 2015, with Jeremy Grater of KOMO Radio Seattle about the results of the May 2015 Fraud Alert False Alarms survey. The interview and transcript are below.

TRANSCRIPT

Jeremy Grater: Here’s a pretty amazing and alarming statistic: nearly 7 in 10 of us who have received a fraudulent activity alert from our credit card or our debit card issuer have received at least one alert in error. This is according to a new CreditCards.com report. Joining me on the KOMO Newsline, Matt Schulz. Good morning, Matt, how are you?

Matt Schulz: I’m doing well, how are you doing?

Grater: Good. Matt is the Senior Industry Analyst for CreditCards.com. So Matt not only do we have to guard against fraud, we have to guard about “fraudulent fraud,” I guess.

Schulz: Yeah, what it comes down to is that 7 in 10 Americans have gotten one of these in error, that they were actually a legitimate charge. Even though it’s inconvenient, can be kind of frustrating, it can actually be a good thing because it means that the banks are keeping an eye out for you and they might be more likely to notice when the bad guys really do strike.

Grater: Well, I guess that’s a good way to look at it. Now I read here that 53% said that all or most of the blocked charges were legitimate purchases that were wrongly flagged by the issuer. And the groups that were most likely to have received a fraud alert, a lot of them are college graduates and so that shows, I guess, that people who have an income because they’ve received their college degree and have a little more of a lucrative job.

Schulz: And I think a lot of that revolves around travel, too, because the groups – the most likely thing to trigger one of these fraud alerts is going some place that you don’t usually visit. And the groups that are most likely to have received a fraud alert – college graduates, wealthier folks – these are folks who might be more likely to travel than some other groups.

Grater: Anything else that stuck out as a difference between party lines on this study?

Schulz: Yeah, it was interesting. Republicans were significantly more likely to have gotten one of these fraud alerts than Democrats were. And I don’t know if that has to do with wealth or age or what the case might be, but it’s certainly interesting.

Grater: Alright, well certainly a good idea to keep your eye on those alerts because as you mentioned, even if they are false alerts it’s good that they’re keeping an eye out on what’s going on with our credit card and debit card activity. Thanks so much, Matt. That’s Matt Schulz, CreditCards.com Senior Industry Analyst joining us here on the KOMO Newsline.


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