Fraud Alert False Alarms Interview with Bloomberg Radio
CreditCards.com Senior Industry Analyst Matt Schulz spoke on Monday, May 25, 2015, with Bob Moon of Bloomberg Radio about the results of the May 2015 Fraud Alert False Alarms survey. The interview and transcript are below.
Bob Moon: This is a Bloomberg Market Minute. It has happened to the President of the United States and countless others.
Cashier: I’m sorry your card is declined.
Moon: Almost 70% of Americans who have been notified of possible fraud got at least one of those alerts in error, according to CreditCards.com. And half of them, like President Obama at a press conference, say the block charges were legitimate purchases that were wrongly flagged.
Obama: I guess I don’t use it enough. So they thought there was some fraud going on.
Matt Schulz: Nobody cares as much about your money as you do so it’s important to check your credit card statement regularly.
Moon: Matt Schulz is Senior Analyst at CreditCards.com.
Schulz: It’s really all about patterns and the banks keeping an eye out for anything that’s unusual and out of the ordinary.
Moon: False alerts are inconvenient, but Schulz says the new vigilance is a good thing.
Schulz: It means that your bank is looking out for you, and it may be more likely to notice when the bad guys really do strike.
Moon: You can help avoid false alerts. Call your bank before you travel or make a large purchase. With the Bloomberg Business update, I’m Bob Moon.