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Consumers are limited by law to a $50 loss for credit card fraud and every bank I know waives even that. It is merchants (stores, internet sites) that bear the
by 300bps 9y ago
Consumers are limited by law to a $50 loss for credit card fraud and every bank I know waives even that.
It is merchants (stores, internet sites) that bear the cost of fraud.
- chiefalchemist 9y agoBut what of the time, stress, etc.? Merchants don't bear the cost, the consumer does. The merchant might not hand me a bill but that cost is embedded somewhere in the price. The bottomline is the consumer pays. No matter how you cut it, the consumer always pays.