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> Note that credit card companies have had this problem for ages and treated it as fraud for decades, which is why established card companies can have very reas
by tablespoon 5y ago
> Note that credit card companies have had this problem for ages and treated it as fraud for decades, which is why established card companies can have very reasonable processes to cancel transactions, mark some as fraudulent, and probably why they have reversible transactions.
Do they do that of their own volition, or because there's some legal requirement forcing them to?
- ClumsyPilot 5y agoIf someone steals from the debitcard, they steal your money. If someone steals from your credit card, that's not your money, it's the bank's money - the bank was trying to give you a loan and gave it to the wrong person. That's their problem. If we didn't have this rule, there would be unlimited rampant fraud - you don't just loose all you have, you loose what you haven't. We would suddenly find out that we are a million dollars in debt for no reason.
- bcrosby95 5y agoCredit cards are heavily regulated in the USA and, yes, there is a legal requirement here. No such requirements exists for debit cards. This is why I hate them. But from what I can tell, most people don't seem to have a problem getting fraud reversed.