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> Change the incentives so credit card companies would be personally liable for any fraudulent transaction and suddenly everything changes. They already are, w
by nerdponx 2y ago
> Change the incentives so credit card companies would be personally liable for any fraudulent transaction and suddenly everything changes.
They already are, which is why CC numbers are secured and all the other important info is not. This is exactly the point of the article.
- Retric 2y agoThe article is talking about retailer data breaches not credit card companies. If someone steals your CC and buys a bunch of stuff there’s 4 people who could be stuck with the bill. You, the merchant, Visa, and the bank who issues the card. Right now Visa is never paying though they still have a little hassle from such transactions. If you don’t notice you might get the bill and under special circumstances the bank might get stuck with it, but mostly it falls to the merchant. https://www.nerdwallet.com/article/credit-cards/merchants-victims-credit-card-fraud https://www.nerdwallet.com/article/credit-cards/merchants-vi... However, if Visa/Master Card etc had some actual liability you bet they would be some real changes.
- lmz 2y agoThere's definitely some movement towards making raw card numbers obsolete - https://www.spreedly.com/blog/network-tokenization-explained https://www.spreedly.com/blog/network-tokenization-explained however this would take some time