How the hell does this happen

[dmaziuk]

I do not know anyone using a credit card without first enabling two-factors-authentication. My bank considers it mandatory, they will not enable my credit card if you do not first enforce two-factors-authentication on it. Perhaps your bank is not so strict, but still it is your fault not having enforced this fundamental safety measure on your credit card.

My cellco charges me something (however little) for every text message so if my bank made that mandatory, I'd find another bank.

In the US you dispute the transaction and I've never had one not refunded. Credit card companies lose billions/year to fraud, most of it "card not present" (U.S. payment card fraud losses by type | Statista) -- imagine what the profits must be if they take 3bn/yr loss in their stride.

 

[formernuke]

My cellco charges me something (however little) for every text message so if my bank made that mandatory, I'd find another bank.

In the US you dispute the transaction and I've never had one not refunded. Credit card companies lose billions/year to fraud, most of it "card not present" (U.S. payment card fraud losses by type | Statista) -- imagine what the profits must be if they take 3bn/yr loss in their stride.

Actually it depends on the type of fraud. In this case it will be the rental car company that takes the hit. I prosecuted one where the card companies took a major hit. It all depends.

 

[BlueTrin]

The US is just behind the times when it comes to card security

I have sharp bushes in front of my windows

These two statements are hilarious when read together.

This being said. It’s extremely easy to get a refund when you are victim of a fraud in the US and you’ll get your money back really fast too.

 

[formernuke]

These two statements are hilarious when read together.

This being said. It’s extremely easy to get a refund when you are victim of a fraud in the US and you’ll get your money back really fast too.

I'm not worried about money back. My only loss will be the points I lose while waiting for the new card.

My point is why is it so easy for thieves to do this a cheap security measure from the card companies could easily stop this.

 

[BlueTrin]

I'm not worried about money back. My only loss will be the points I lose while waiting for the new card.

My point is why is it so easy for thieves to do this a cheap security measure from the card companies could easily stop this.

I think it’s cultural.

I didn’t come in the US recently but in Europe for example we had mandatory chip and pin for all credit and debit cards for a while.

I don’t think if that’s still the case but I remember paying credit card transactions with a signature in the US and sometimes using the magnetic stripe?

 

[formernuke]

I think it’s cultural.

I didn’t come in the US recently but in Europe for example we had mandatory chip and pin for all credit and debit cards for a while.

I don’t think if that’s still the case but I remember paying credit card transactions with a signature in the US and sometimes using the magnetic stripe?

No pins on credit cards, signature depends on amount and merchant.

 

[dmaziuk]

Actually it depends on the type of fraud. In this case it will be the rental car company that takes the hit. I prosecuted one where the card companies took a major hit. It all depends.

Yeah... back when I worked at a 1-800 place we had someone run a multi-hundred-dollar bill on an "adult chat" service. This was a big outlier, male physiology doesn't work that long an' all, so we called Visa security dept. and talked them into giving up the cardholder's contact: a woman. Turns out the poor thing just kicked out her a*hole boyfriend and (presumably) he came up with a very creative revenge.

 

[BlueTrin]

No pins on credit cards, signature depends on amount and merchant.

I am reading this article, it’s quite interesting, even though it was written in 2016:

Why Is the U.S. Determined to Have the Least-Secure Credit Cards in the World?

As retailers, banks, and payment-processors play a game of “pass the liability,” the only clear winners are fraudsters.

www.theatlantic.com

 

[formernuke]

I am reading this article, it’s quite interesting, even though it was written in 2016:

Why Is the U.S. Determined to Have the Least-Secure Credit Cards in the World?

As retailers, banks, and payment-processors play a game of “pass the liability,” the only clear winners are fraudsters.

www.theatlantic.com

Don't have to read it the title says it all and true.

 

[BlueTrin]

Yeah... back when I worked at a 1-800 place

You are a man of many skills