Comments on: The Fascinating World Behind Credit Cards And Fraud Detection http://weakonomics.com/2009/07/02/the-fascinating-world-behind-credit-cards/ Everything That's Wrong With You And Your Money Sun, 14 Mar 2010 12:54:48 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Weekend Linkage – July 5, 2009 http://weakonomics.com/2009/07/02/the-fascinating-world-behind-credit-cards/comment-page-1/#comment-2590 Weekend Linkage – July 5, 2009 Sun, 05 Jul 2009 14:27:26 +0000 http://weakonomics.com/?p=2464#comment-2590 [...] The Fascinating World Behind Credit Cards And Fraud Detection [...] [...] The Fascinating World Behind Credit Cards And Fraud Detection [...]

]]> By: SJ http://weakonomics.com/2009/07/02/the-fascinating-world-behind-credit-cards/comment-page-1/#comment-2576 SJ Thu, 02 Jul 2009 17:56:07 +0000 http://weakonomics.com/?p=2464#comment-2576 That's pretty cool stuff... I would love to know how the algs work. Ideas like a reverse recommendation or machine learning or neural networks or something. .-= SJ´s last blog ..<a href="http://www.6bubbles.com/blog/2009/06/sj-seeks-the-economic-naturalist/" rel="nofollow">SJ seeks “The Economic Naturalist”</a> =-. That’s pretty cool stuff… I would love to know how the algs work.
Ideas like a reverse recommendation or machine learning or neural networks or something.
SJ´s last blog ..SJ seeks “The Economic Naturalist” My ComLuv Profile

]]> By: Kosmo @ The Casual Observer http://weakonomics.com/2009/07/02/the-fascinating-world-behind-credit-cards/comment-page-1/#comment-2573 Kosmo @ The Casual Observer Thu, 02 Jul 2009 14:46:12 +0000 http://weakonomics.com/?p=2464#comment-2573 Recently, we discovered that one of our card issuers was a slight bit aggressive in their fraud detection ( http://www.observingcasually.com/why-i-hate-hsbc/ - it's toward the bottom of the article) The gist is that we made our weekly shopping trip to the local mall, using the card only at stores where it had been used many times before ... until the card was denied halfway through the trip (at Barnes & Noble - another store where we shop a lot). Apparenly, the "big" expense at Target was one trigger, and use of the card at several stores was another (we use it a lot, pay it off every month, and reap the cashback rewards). Sure, $200 at Target sounds like a lot ... but when you throw a couple of boxes of diapers (big box @ $30) and a couple boxes of baby wipes into the cart, you're at $100 already. A 24 pack of TP, laundry detergent, fabric softener, OTC meds ... I guess HSBC wants us just to buy one box of diapers at a time :) It seemed very bizarre because the shopping trip didn't represent a change in buying pattern at all. In fact, armed with a year of our statements, you probably could have predicted most of the purchases. It would be bizarre to NOT have a sizeable Target expense every 1-2 weeks. .-= Kosmo @ The Casual Observer´s last blog ..<a href="http://feedproxy.google.com/~r/TheCasualObserver/~3/whDUvxpdTVw/" rel="nofollow">Crossover</a> =-. Recently, we discovered that one of our card issuers was a slight bit aggressive in their fraud detection ( http://www.observingcasually.com/why-i-hate-hsbc/ – it’s toward the bottom of the article)

The gist is that we made our weekly shopping trip to the local mall, using the card only at stores where it had been used many times before … until the card was denied halfway through the trip (at Barnes & Noble – another store where we shop a lot). Apparenly, the “big” expense at Target was one trigger, and use of the card at several stores was another (we use it a lot, pay it off every month, and reap the cashback rewards).

Sure, $200 at Target sounds like a lot … but when you throw a couple of boxes of diapers (big box @ $30) and a couple boxes of baby wipes into the cart, you’re at $100 already. A 24 pack of TP, laundry detergent, fabric softener, OTC meds … I guess HSBC wants us just to buy one box of diapers at a time :)

It seemed very bizarre because the shopping trip didn’t represent a change in buying pattern at all. In fact, armed with a year of our statements, you probably could have predicted most of the purchases. It would be bizarre to NOT have a sizeable Target expense every 1-2 weeks.
Kosmo @ The Casual Observer´s last blog ..Crossover My ComLuv Profile

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