Reply to: what theft?

[Menelaus]

Ta!

You're welcome

If you're interested, drop me a PM. I can send you over some true insomnia-cure stuff.

[Sysman]

Sorry - artificial neural network.

Ta!

[Menelaus]

Yes.



Sorry, what's "ANN" stand for?

Sorry - artificial neural network.

[Sysman]

Depends. Is that normal for him?

Yes.

The key to Falcon is that it generates an understanding from n-thousand dimensions of what is "normal" for a particular card, not for the whole portfolio. If it was done on a portfolio basis you'd be getting a much higher false-positive rate - here, the false positive rate with Falcon is around 8:1 - in the non-ANN environment, it's around 55:1 at best.

Sorry, what's "ANN" stand for?

[Platypus]

Not surprised they might think you'd need it. A colleague had a collision with another car, whose driver was insured with the same company. They wouldn't pay him in full because they said it was the other driver's fault. In their capacity as the other driver's insurer, they denied that it was his fault.

You couldn't make it up!

[Menelaus]

I've got a mate who does 6 months in various God forsaken parts of the world, board and lodgings paid for (i.e. spends nowt), then has a month off when he has a good splurge. Does the Falcon system cater for that sort of spending style?

Depends. Is that normal for him?

The key to Falcon is that it generates an understanding from n-thousand dimensions of what is "normal" for a particular card, not for the whole portfolio. If it was done on a portfolio basis you'd be getting a much higher false-positive rate - here, the false positive rate with Falcon is around 8:1 - in the non-ANN environment, it's around 55:1 at best.

[Sysman]

Yep - single premium payment protection has now been outlawed and about bloody time too!

Aye. In my case it was a real swine as nobody had told me about it before it appeared on the final bill from the solicitor (which I had to pay in full or wave the house goodbye).

[expat]

I understand your shock.

It's like when I discovered Gap insurance (after reading a post on here). You buy insurance which covers you against your insurance company underpaying on a car claim. And who hawks these policies? Why it's the same folks you buy your car insurance from!

Not surprised they might think you'd need it. A colleague had a collision with another car, whose driver was insured with the same company. They wouldn't pay him in full because they said it was the other driver's fault. In their capacity as the other driver's insurer, they denied that it was his fault.

[Sysman]

:cough: :cough:

This exists, I know 'cos I worked on it (as did a bunch of other people - I was but a junior techie at the time).

It's called Falcon and - without wishing to blow my own trumpet too much - it ******* rocks.

I've got a mate who does 6 months in various God forsaken parts of the world, board and lodgings paid for (i.e. spends nowt), then has a month off when he has a good splurge. Does the Falcon system cater for that sort of spending style?

[Menelaus]

I got stung 30 years ago by a one off insurance payment to cover me defaulting on my mortgage. From that article it looks as those will be banned as well, and about time too.

(I read a year or two ago that those policies rarely if ever actually did pay out.)

Yep - single premium payment protection has now been outlawed and about bloody time too!

[Sysman]

http://www.thisismoney.co.uk/credit-...in_page_id=506

I must admit that 20 years ago I did fall for the "insure the balance on your credit card" scam. I cancelled all that 15 years ago because I thought it was a rip off. I obviously haven't needed it since I have been a contractor.

I got stung 30 years ago by a one off insurance payment to cover me defaulting on my mortgage. From that article it looks as those will be banned as well, and about time too.

(I read a year or two ago that those policies rarely if ever actually did pay out.)

[Menelaus]

They need to develop this purchasing pattern thing a lot more. Like, if my credit card was used to spend more than 8 quid on a pair of shoes they should know it couldn't possibly be me.

:cough: :cough:

This exists, I know 'cos I worked on it (as did a bunch of other people - I was but a junior techie at the time).

It's called Falcon and - without wishing to blow my own trumpet too much - it ******* rocks.

[Platypus]

I understand your shock.

It's like when I discovered Gap insurance (after reading a post on here). You buy insurance which covers you against your insurance company underpaying on a car claim. And who hawks these policies? Why it's the same folks you buy your car insurance from!

[expat]

It's the shifting of blame that gets me.

If someone masquerades as me in order to get credit, and the business that wrongly gave credit tries to recover it from me, and credit agencies band together to refuse me credit, it is a falsehood to say that I am a victim of "identity theft".

The business that gave the credit in error is a victim of fraud; and I am a victim of the business' and the credit agencies' harrassment.

[sweetandsour]

Just on the phone to card provider, they spent ages trying to persuade me to pay for identity theft insurance.

AIUI, if someone dishonestly pretends to be me, some financial institutions may wrongly accept their word. So my card company wants me to pay them to take some steps to try to make it that I don't suffer unduly from people like them wrongly falling for someone else's fraud? ISTM that whoever "steals" my identity is a criminal, and whoever they deceive is a victim. Why should I pay to insure against their mistake?

Identity theft insurance. I like it!

The banks do have to come up with another revenue stream to replace payment protection insurance on loans.

http://www.thisismoney.co.uk/credit-...in_page_id=506

I must admit that 20 years ago I did fall for the "insure the balance on your credit card" scam. I cancelled all that 15 years ago because I thought it was a rip off. I obviously haven't needed it since I have been a contractor.