Discover axes security feature
A program designed to help consumers across the country avoid fraud has been cut by one of the nation’s top credit card lenders.
Discover Financial Services recently began contacting consumers who had the company’s branded credit cards to inform them that its popular Secure Online Account Numbers program would no longer be offered as of September 8, according to a report from the Consumerist. The program was created to help consumers avoid fraud by generating replacement credit card numbers that could be used per online merchant or even per transaction, as a way of mitigating fraud risk.
The lender noted the change was enacted because it has recently increased its internal security measures in such a way that the SOAN program would no longer be necessary, the report said. However, consumers who have already loaded SOAN numbers into online accounts can use those until the expiration date on their cards.
Many consumers are more concerned about the online security of their accounts these days, but most lenders don’t hold borrowers accountable for fraudulent purchases made on their credit cards.