What Lughead Thought Of This One?

June 6, 2012

So apparently up here north of the border, we have a new online/credit card fraud prevention system, called "Canadian Address Verification".

Websites that use it take the name and address they have on file for you, run it through a third party credit rating agency (say, Equifax) with your credit card number, and if that name and address do not match the name, address or credit card on file with Equifax, deny your request for purchase on the card.

I've heard credit agency data can often be inaccurate or out of date (say, if you changed cards in the last 6 months), and is certainly pretty opaque to most people. I ran afoul of this today. I have not changed addresses in 10 years, yet my address on file with the credit rating agency was incorrect. Thus my purchase was denied on the basis that I was not the purported owner of the credit card being used, by an entity I don't believe I've dealt with personally or submitted information to myself.

A telephone call, and 3 to 5 days, is needed to correct this problem. I guess I'm about to find out if that's true or not.

I'm all for preventing fraud, but this system strikes me as bass-ackwards.

 

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