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2FA I guess you mean 2 factor authentication? I guess the cost burden is overestimated. India has made it mandatory for all POS and even online transactions to
by murukesh_s 10y ago
2FA I guess you mean 2 factor authentication? I guess the cost burden is overestimated. India has made it mandatory for all POS and even online transactions to have 2FA, like Visa's 3D secure service for online and ATM pin for POS. Other providers also have it implemented. It must be not very expensive to make the same service in other parts of the world. Wondering why they are not doing it. In India, RBI had released stricter guidelines for that after initial spike in card fraud during the online business boom. Not sure of how much percentage it helped to reduce the fraud, but it's a safe feeling that even if your card is lost or it's details are stolen, you are not robbed of your money in the bank.
[Edit]
And if you are wondering how companies can store the creditcard data for automated payments like Uber, they cant .Uber have tied up with payment wallets to make payments seamless or you have option to pay by cash. For business there is an option for interbank automated transfer but that require you explicitly singing agreements.
- tehlike 10y agoEvery friction you introduce means less transactions made. Friction probably introduces more transaction volume than it reduces fraud. Also there might certain us customs that might make certain things hard, like tips. I am not entirely sure if this is true though.
- tonyztan 10y agoYou make some good points, but with regards to the security of money in the bank, credit card customers in the U.S. are typically not liable for fraudulent transactions. By law liability is limited to $50, and Visa and MasterCard rules make liability effectively zero.
- shabda 10y agoUS customers are paying in form of higher transaction fees which merchants are obviously pushing to the customers.