In today's MSNBC's Red Tape Chronicles an intriguing idea re: fraud detection was raised that I'd like to share:
First, some background on the article, by Bob Sullivan
The subject of the Mr Sullivan's blog was the vagueness of "Dear John" letters from a company informing some hapless victim their data was stolen and a call for more informative letters of notification (e.g., was the data stolen from an insider?). He hit the mark, though it is unlikely companies will provide actionable, useful information without being compelled to do so through the "R" word (regulation).
While it may be time for regulation regarding disclosure of data loss (particularly given a Verizon 2008 Data Breach Investigations report [pg 11] stated when insiders are involved the impact is 10 times greater than when an incident was caused by an outsider), Mitch Ring from Lancaster CA posted a comment that was a fantastic idea and would go a long way toward mitigating the damage caused by thieves and perhaps improve fraud-detection response time as well:
"A useful-and-very-affordable safeguard: Consumer gets an email for every charge on credit card, or check. With such-a-program, the consumer is quickly warned (if they monitor their email) when a false charge is made, and can cancel the credit card or account before charges are high."
Posts
Great idea, dude! Visa, Mastercard, American Express (not that anyone with a decision-making role in these companies reads this blog) you should listen to this guy. Even if you charged money (under $10 US) for the service, I'd pay it. So would millions of others. Make it happen- now!
~CPwnk