I know the credit card industry wants to promote fast and instant payment with their products, but credit card fraud does hit close to home according to Los Angeles Times Business section columnist David Lazarus in Sunday’s paper. David was victim to a credit card theft at his local gym from either a fellow customer or an employee of the establishment.
Of course customers are protected from the fraud according to the credit card terms of service, but since banks are losing so much money due to the mortgage fiasco should they take a more proactive attempt at making sure fraud is least likely to happen? Since the economy is taking a nose dive unfortunately people are resorting to desperate measures to make a buck. If someone is spending 400.00 plus on a high ticket item at Target, it would be reassuring that the clerk double checks identification before the purchase gets finalized.
Regulation should not always be a quick fix solution to solve problems, but since banks are losing massive amounts of money they should repeal their ban on asking clerks for identification before a purchase is completed. It would save their credit card merchants and customers a whole lot of problems.