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If a transaction doesn't get made because it was over $40, that represents unacceptable missed profits, if some unfortunate consumer gets their identity stolen[

If a transaction doesn't get made because it was over $40, that represents unacceptable missed profits, if some unfortunate consumer gets their identity stolen[1], well, they should have been more careful. It would make sense to eliminate magstripes, to limit them to $40, to let people decide their own limit, or any number of other things - the trouble is that the incentives of the businesses, banks, and credit card companies are more to make every transaction a success and to blame the consumer when they're too successful. [1]: Yes, I recognize this is bad framing, the fault isn't with the victim nor really with the perpetrator but the incompetent designer of the lock.

pc86 6y ago
> the fault isn't with the victim nor really with the perpetrator The perpetrator isn't at fault?
- Spivak 6y ago
  The perpetrator defrauded the bank, not you. The fault for your account not showing the correct balance should be on the bank.
  - pc86 6y ago
    That seems completely orthogonal to my question.
- asveikau 6y ago
  The perpetrator is in one sense to blame but this isn't a good justification for lax security on the part of the card issuers. You wouldn't leave your door unlocked at night because it's the burglar's responsibility to be a better citizen.
IshKebab 6y ago
> If a transaction doesn't get made because it was over $40, that represents unacceptable missed profit Contactless already has transaction limits so clearly payment method-specific transaction limits do not create "unacceptable missed profit".
- woodruffw 6y ago
  > Contactless already has transaction limits so clearly payment method-specific transaction limits do not create "unacceptable missed profit". This isn't true with US payment cards, in my experience. I've charged over $1000 on a credit card multiple times while using contactless methods (both RFID and Apple Pay, specifically). I was also able to do the same with my (American) cards while in Europe.
  - Nursie 6y ago
    Apple/Android pay is generally unlimited here in the UK, but using contactless cards is limited to £40, blanket. This is because contactless card payments have no cardholder verification. I am quite surprised if you can do that with your cards in Europe as the limit is usually enforced on/by the merchant, not the card.
    - Thlom 6y ago
      Can tap-to-pay with no verification up to 500NOK (approximately $55), over that amount I have to type my pin. No limit with pin as far as I can tell.
- deleted 6y ago
  [deleted]

pc86 6y ago

> the fault isn't with the victim nor really with the perpetrator The perpetrator isn't at fault?

Spivak 6y ago
The perpetrator defrauded the bank, not you. The fault for your account not showing the correct balance should be on the bank.
- pc86 6y ago
  That seems completely orthogonal to my question.
asveikau 6y ago
The perpetrator is in one sense to blame but this isn't a good justification for lax security on the part of the card issuers. You wouldn't leave your door unlocked at night because it's the burglar's responsibility to be a better citizen.

IshKebab 6y ago

> If a transaction doesn't get made because it was over $40, that represents unacceptable missed profit Contactless already has transaction limits so clearly payment method-specific transaction limits do not create "unacceptable missed profit".

woodruffw 6y ago
> Contactless already has transaction limits so clearly payment method-specific transaction limits do not create "unacceptable missed profit". This isn't true with US payment cards, in my experience. I've charged over $1000 on a credit card multiple times while using contactless methods (both RFID and Apple Pay, specifically). I was also able to do the same with my (American) cards while in Europe.
- Nursie 6y ago
  Apple/Android pay is generally unlimited here in the UK, but using contactless cards is limited to £40, blanket. This is because contactless card payments have no cardholder verification. I am quite surprised if you can do that with your cards in Europe as the limit is usually enforced on/by the merchant, not the card.
  - Thlom 6y ago
    Can tap-to-pay with no verification up to 500NOK (approximately $55), over that amount I have to type my pin. No limit with pin as far as I can tell.
deleted 6y ago
[deleted]