One day my card got cloned and I see some withdrawals from a foreign country. I promptly report it, transactions reversed and the bank issued a new card.
After this, I was getting fraud alerts and either informative or confirmation SMS when that was triggered in the past. It seemed to follow whenever a transaction passed $100, then $500, then $1000 and a certain frequency or off-hours.
It's like the risk threshold got a reset with the new issued plastic. Eventually the algorithm was trained I suppose, back it was back to where it was, and stopped getting alerts for anything out of the usual. This resonates with the experience of friends in the same bank, who hardly ever use their credit cards, so whatever they buy gets flagged and someone calls to make sure it's them.
Old fashioned banks who are behind the times in technology, but keep richer clients, are usually less annoying, both with the fraud algos thing and also the KYC stuff, and sometimes the difference is massive.
It's like the risk threshold got a reset with the new issued plastic. Eventually the algorithm was trained I suppose, back it was back to where it was, and stopped getting alerts for anything out of the usual. This resonates with the experience of friends in the same bank, who hardly ever use their credit cards, so whatever they buy gets flagged and someone calls to make sure it's them.
Old fashioned banks who are behind the times in technology, but keep richer clients, are usually less annoying, both with the fraud algos thing and also the KYC stuff, and sometimes the difference is massive.