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I'm still puzzled about why lost cards aren't more of an issue with paywave. Does the bank always refund the losses? If so, what's to stop you spending money fo
by incompatible 9y ago
I'm still puzzled about why lost cards aren't more of an issue with paywave. Does the bank always refund the losses? If so, what's to stop you spending money for a week and then claiming to the bank that none of the transactions were yours?
- ian0 9y agoBoth of these problems occur with regular cards too (liability shift & chargeback). Generally the bank will pay for transactions if your card is stolen. They also have checks in place to reduce the scalability of fake chargebacks by customers (friendly fraud) - though its difficult to eliminate completely.