Fraud Alert False Alarms Interview with KGO Radio San Francisco
CreditCards.com Senior Industry Analyst Matt Schulz spoke on Friday, May 22, 2015, with Jason Middleton of KGO Radio San Francisco about the results of the May 2015 Fraud Alert False Alarms survey. The interview and transcript are below.
Fraud alerts from your bank can be seriously helpful if they are accurate. KGO’s Business & Tech reporter Jason Middleton has more.
Jason Middleton: Well, they’re helpful if accurate and kind of annoying if they’re not and if they’re too frequent, too. 7 in 10 Americans have received at least one fraudulent activity alert from their credit or debit card issuer that was an error. That’s according to a new CreditCards.com report. Banks use a combination of an algorithm and human eyeballs to send alerts. It’s the “pound of caution” approach.
Matt Schulz: The risk that the banks run is crying wolf too many times and annoying their customer and then you could end up losing them.
Middleton: That’s Matt Schulz, Senior Analyst at CreditCards.com.
Schulz: But what you can do is help the bank out by making a phone call, letting banks know before you travel or before you make an unusual purchase and it can make these fraud alerts a whole lot less likely.
Middleton: I’m Jason Middleton, KGO 810.