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10 Cons of an International Credit Card
Credit card fraud is a fast increasing crime in the world. International Credit Card holders are mostly the victims of this unauthorized access to their accounts. Let's take a closer look of the problems faced by international credit cards.
1. Repetitive use of credit card numbers. After a credit card number has been used and disregarded, say cancelled, credit card companies would reissue the same number to other cardholders. The personal identification numbers (PIN) is changed as well as the credit cardholder's personal information. But it still bears the same credit card number.
2. Low standards when it comes to the use of cards by the participating merchants. This is a common problem encountered by international credit cardholders. Employees of the participating merchants have the full access to the account number as well as the security number of the card.
3. Account Statements given out by credit card companies contains less information about the participating merchant. It does not include relevant information about the vendor that charged any transaction on the credit card.
4. Unreliable blocking functions. Once a card loss is reported, it will still take months for the credit card companies to block the transactions being made through the stolen or lost credit card.
5. Lack of validation software. Participating vendors should have better validation software installed on their computer system.
6. Consumer unfriendly policies on fraud management. The policies on the present fraud management take the blame on the cardholders though not directly stipulated. This means that the policies on the fraud management of international credit card companies protect not the consumers but the company.
7. Lax standards on investigation about fraudulent transactions. This is the sad part for the victims of fraud through their credit cards. Getting the suspects charged though proven guilty of fraud seems to take on slowly.
8. Credit card fraud is usually committed through online transactions. This means that credit cardholders are not protected with the authorized or unauthorized use of their cards on purchases or services paid online.
9. Most of the companies that typically appear on charges are those associated with pornography industry. These companies are the ones that accept transactions even without verifying the cardholder's information.
10. Most of the banks' system is not compatible with other international credit card companies for the e-commerce. This is a potential weakness that would mean loss of clients so they would prefer to keep quiet about it.
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Credit News
SEC adopts new rules for credit-rating agencies (Washington Post) WASHINGTON -- Federal regulators on Wednesday adopted new rules designed to stem conflicts of interest and provide more transparency for Wall Street's credit-rating industry, widely faulted for its role in the subprime mortgage debacle and ensuing credit crisis.
Credit markets ease slightly (CNN Money) The credit markets showed slightly improved confidence Wednesday, as lending rates fell ahead of expected interest rate cuts by Europe's central banks.
Fed Extends Some Credit Programs Through April 30 (New York Times) The Federal Reserve has extended the life of key programs aimed at busting through credit clogs and restoring stability to financial markets. The Fed said Tuesday that the programs, originally slated to last through Jan. 30, would be extended through April 30.
SEC adopts new rules for credit-rating agencies (Los Angeles Times) WASHINGTON -- Federal regulators today adopted new rules designed to stem conflicts of interest and provide more transparency for Wall Street's credit-rating industry, widely faulted for its role in the subprime mortgage debacle and ensuing credit crisis.
