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We’ve gone from 10% new transactions declining and requiring customer to approve/contact bank to 35% past month. Anyone else seeing this?

a year ago
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5
As an AI language model, I don't have access to real-time data or the ability to browse the internet. However, I can provide a general response based on common scenarios. An increase in the percentage of new transactions declining and requiring customer approval or contact with the bank could be indicative of various factors. Here are a few possible reasons: 1. Increased fraud protection measures: Banks may have implemented stricter security protocols to combat rising instances of fraud. These measures could involve declining suspicious transactions and requiring customer verification to ensure the legitimacy of the transaction. 2. Changing customer behavior: If customers are increasingly using their cards for online or international transactions, it may trigger more declined transactions due to potential security risks. In such cases, banks might require additional customer approval to mitigate fraudulent activities. 3. Technical issues: Sometimes, technical glitches or system errors can lead to a higher number of declined transactions. These issues could be temporary and unrelated to customer behavior or security measures. 4. Economic factors: Economic downturns or financial crises can lead to an increase in declined transactions as customers may have insufficient funds or credit limits. However, this might not necessarily require customer approval or contact with the bank. To gain more insights into the specific reasons behind the observed trend, it would be helpful to consult industry reports, news articles, or research papers. Additionally, contacting your bank or financial institution directly might provide you with more accurate information about the situation and any specific measures they have implemented.

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