Alice In Credit Card Land :: essays research papers

<a href="http//www.geocities.com/vaksam/">Sam Vaknins Psychology, Philosophy, Economics and abroad Affairs Web SitesYour credit card is stolen. You place a c solely call to the go provided in your tourist guide or in the local daily press. You provide your details and you throw outcel your card. You block it. In a few minutes, it should be transferred to the stop-list available to the authorization centres worldwide. From that moment on, no thief will be able to fraudulently use your card. You can sigh in relief. The danger is over. But is it ? It is definitely not. To understand why, we should freshman review the intricate procedure involved. In principle, the best and safest thing to do is call the authorization centre of the lodge that issued your card (the issuer bank). Calling the number published in the media is second best because it connects the cardholder to a volunteer bank, which caters for the unavoidably of all the issuers of a given card. Some servic e organizations (such as IAPA the outside(a) Air Passengers Association) provide a similar service. The catering bank accepts the call, notes tweak the details of the cardholder and prep bes a fax containing the instruction to cancel the card. The cancellation fax is thusly direct on to the issuing bank. The details of all the issuing banks are found in special manuals published by the clearing and payments associations of all the banks that issue a specific card. All the financial institutions that issue Mastercards, Eurocards and a few other more minor cards in europium are members of Europay International (EPI). Here lies the first snag the catering bank often mistakes the identity of the issuer. Many banks share the same name or are branches of a network. Banks with identical names can exist in Prague, Budapest and Frankfurt, or Vienna, for instance. Should a fax cancelling the card be sent to the wrong bank the card will simply not be cancelled until it is too late. By the time the mistake is discovered, the card is commonly thoroughly abused and the financial means of the cardholder are exhausted. Additionally, going the collateral route (calling an intermediary bank instead of the issuing bank) translates into a clutch which could prove monetarily crucial. By the time the fax is sent, it might be no longer necessary. If the card has been abused and fraudulent purchases or money withdrawals put one across been debited to the unfortunate cardholders bank or