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It is just lobbying preventing good policy. If we moved to chip + pin, we'd get rid of almost 100% of CC fraud. But retailers don't want the friction so instead
by snarf21 3y ago
It is just lobbying preventing good policy. If we moved to chip + pin, we'd get rid of almost 100% of CC fraud. But retailers don't want the friction so instead the consumer pays for the fraud instead.
- pxx 3y agoWhy do you think this requires a government mandate? What evidence do you have of counter-lobbying as opposed to simple consumer and retailer preference?
- lmm 3y ago> Why do you think this requires a government mandate? It's a classic tragedy of the commons situation (inverted, like the economics textbook example of a lighthouse), to which government intervention is the classic solution. Fraud prevention benefits everyone, but any individual actor is better off skipping the fraud checks.