3 ms·
How do you think that credit cards work? I assume you have one. Or bank cards. I steal your credit card and spend $80 to fill up my gas tank and then go buy
by petcat 2y ago
How do you think that credit cards work? I assume you have one. Or bank cards.
I steal your credit card and spend $80 to fill up my gas tank and then go buy a pair of sneakers, who do you think pays for that? It's not you. It's the credit card or bank company. And then they call and ask if it was fraud and you say "yeah, it was fraud. I was nowhere near a Foot Locker in Gary, Indiana."
So they "reverse" it and they absorb the loss. It's how the entire credit financial system works. I'll send you some books you should read.
- OutOfHere 2y agoBut I never asserted otherwise. It works like this in the US anyway, not necessarily elsewhere. Bank accounts don't work like credit cards though. If money is gone, there is no assurance of getting anything back.
- MissTake 2y agoAnd yet in the UK banks are now on the hook when a customer is the victim of fraud. https://www.reuters.com/business/finance/uk-banks-face-step-change-rule-reimburse-defrauded-customers-2023-12-19/ https://www.reuters.com/business/finance/uk-banks-face-step-...