4 ms·
Another issue with Venmo is the possibility of shady buyers using stolen credit cards. So a week later, the transaction is reversed and you're out $300 and the
by et-al 5y ago
Another issue with Venmo is the possibility of shady buyers using stolen credit cards. So a week later, the transaction is reversed and you're out $300 and the item you just sold. As a seller, I'd rather just take cash. The new IRS $600 reporting limit for 2022 is also a joke.
- makeitdouble 5y agoThe focus on Venmo is because you are in the US I guess ? The credit card reversal part is solved by 3D Secure 2.0, where the barrier to get a transaction reversed is way higher (the issuing bank has the responsibility to validate it comes from the customer). I don't know how fast it's adopted outside of the EU, but we're far from the days where you just passed operations with a stolen number and a valid CVC.
- alexb_ 5y agoYou cannot just throw technology at a human problem and expect it to be solved. Scams will always exist as long as there is someone to be scammed. No amount of technology can "solve" this problem.
- makeitdouble 5y agoWe're talking here about a case that was introduced by technology (wide possibility to emit chargebacks) and is fixed by technology (severely limit chargeback potential).