4 ms·

What happens when mom & pop are storing your name and credit card # in plain text and then your identity gets stolen and credit ruined? Should we still be "char

by jb775 6y ago

What happens when mom & pop are storing your name and credit card # in plain text and then your identity gets stolen and credit ruined? Should we still be "charitable" to them and their d-bag nephew?

jrockway 6y ago
Your credit card number being stolen is a problem for your bank, not a problem for you. You can't steal someone's identity with a credit card number. The concern in this case is when there is some social problem with being in Mom & Pop Inc's customer database. There are probably some people that buy some things that they don't want other people to know about. When the database gets hacked and you are linked to being their customer, that is the unfortunate and potentially damaging information leak. A credit card just gets reissued and the bank reverses the transaction. No big deal.
- gowld 6y ago
  It's a problem for the vendors, not the banks. They get hit with chargebacks for fraud that's no fault of their own, hurting the whole ecosystem of vendors and their customers. https://www.thestreet.com/personal-finance/credit-cards/credit-qa-who-foots-bill-fraudulent-charges-12790242 https://www.thestreet.com/personal-finance/credit-cards/cred...
  - lotsofpulp 6y ago
    The problem could be easily solved by Visa/MC/Discover/Amex implementing chip and pin, or at least 2FA SMS authorization. Bestbuy.com has it working somehow.
    - jessaustin 6y ago
      These people can't configure a firewall. How are they going to implement payments in the secure fashion you suggest?
      - lotsofpulp 6y ago
        I meant that Visa/MC/Discover/AmEx should be forcing the use of chip and Pin or other 2FA methods.
- TwoBit 6y ago
  It's still a PITA when my credit card has to be swapped.
- owaty 6y ago
  > Your credit card number being stolen is a problem for your bank, not a problem for you. Not necessarily, depending on where you're based.
rightbyte 6y ago
Ye it is not like I trust my credit card to strangers and let them walk away with it for a while.

by jb775 6y ago

What happens when mom & pop are storing your name and credit card # in plain text and then your identity gets stolen and credit ruined? Should we still be "charitable" to them and their d-bag nephew?

jrockway 6y ago

Your credit card number being stolen is a problem for your bank, not a problem for you. You can't steal someone's identity with a credit card number. The concern in this case is when there is some social problem with being in Mom & Pop Inc's customer database. There are probably some people that buy some things that they don't want other people to know about. When the database gets hacked and you are linked to being their customer, that is the unfortunate and potentially damaging information leak. A credit card just gets reissued and the bank reverses the transaction. No big deal.

gowld 6y ago
It's a problem for the vendors, not the banks. They get hit with chargebacks for fraud that's no fault of their own, hurting the whole ecosystem of vendors and their customers. https://www.thestreet.com/personal-finance/credit-cards/credit-qa-who-foots-bill-fraudulent-charges-12790242 https://www.thestreet.com/personal-finance/credit-cards/cred...
- lotsofpulp 6y ago
  The problem could be easily solved by Visa/MC/Discover/Amex implementing chip and pin, or at least 2FA SMS authorization. Bestbuy.com has it working somehow.
  - jessaustin 6y ago
    These people can't configure a firewall. How are they going to implement payments in the secure fashion you suggest?
    - lotsofpulp 6y ago
      I meant that Visa/MC/Discover/AmEx should be forcing the use of chip and Pin or other 2FA methods.
TwoBit 6y ago
It's still a PITA when my credit card has to be swapped.
owaty 6y ago
> Your credit card number being stolen is a problem for your bank, not a problem for you. Not necessarily, depending on where you're based.

rightbyte 6y ago

Ye it is not like I trust my credit card to strangers and let them walk away with it for a while.