The Geym Cheynjer - An Overview
The Geym Cheynjer is basically when the banking entities allow the account owners the ability to control their accounts' outgoing transactions. Preferably, by the account owners using a direct link to the banking entities' mainframe or computer. Via, an assigned secure connection such as a website, and/or phone/text service. This will allow the account's owners to be able to set up their accounts' outgoing transactions, inactive (meaning to freeze the account) when they don't need to use their accounts. Than make active when the need or want to use their accounts. And, when active it can be with restrictions. The restriction can be how long they are going to use their accounts; Where they are going to use their accounts; How much they are going to spend from their accounts, etc.
These actions will add security in two (2) ways.
First, when the account owners make their accounts inactive. They account will be secure against a criminal using one of their lost, clone, or stolen checks and/or debit/credit cards. Because, an account with its outgoing transactions inactive are as secure as a safe deposit box. Right?
Second, this will give the account owners and the banking entities a covert way to coordinate the accounts' outgoing transactions. For instance, when the account owners make their accounts inactive, they are also telling the banking entities, essentially that they are not intending to use their accounts. And, when they make their account active, with restrictions. They are telling the banking entities their intentions, how long, where, how much, etc.. This will greatly aid the banking entities in protecting their accounts. Because, all that the banking entity will have to do is monitor for any transactions that go against the account owner set up. This will take all the guesswork out of the is it you or an unauthorized transaction. If a criminal tries to use (Lets say) a stolen debit card and the account, is inactive. The banking entity being coordinated with the account owner's set up will know that it is an unauthorized transaction request, in real time, and can take action. Much in the same way, if the criminal tries to use the stolen debit card and the account has been restricted. If the criminal use the debit card outside of the restrictions the banking entity, again, will know in real time and can take action.
For example, if a criminal with a clone debit card tries to make a purchase at a retailer. And, the account that the debit card is connected to have been made inactive, by its owner. When the criminal swipes the cloned card, keyed in your stolen PIN, than he reads on the little display screen "waiting for cashier", and the cashier presses the button. Those 3-5 seconds that it usually takes for a normal card's transaction, to take place are all that it takes for the banking entity to know that it is an unauthorized transaction and where that criminal is located. So, the banking entity puts the transaction on hold, to keep the criminal in place. Yeah, meanwhile, he is still waiting for the information to be authorized so he can swindle you. But, all he is going to get is the authorities in his face and be arrested. Got'em!!!
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