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Credit card fraud is generally not a problem in the US for consumers or the credit card companies, the two groups that would be in a position to adopt a new cre
by fps 13y ago
Credit card fraud is generally not a problem in the US for consumers or the credit card companies, the two groups that would be in a position to adopt a new credit card technology. The merchants accept all the liability in the US credit card system, and they're at the mercy of the credit card company's policies, and the consumer's desire to use their card of choice or go somewhere else. As a consumer, I avoid cash-only businesses, and even tend to frequent ones that accept my card of choice (Discover) over those that only accept the cheaper cards (Visa/MC.) Businesses know this, and they're willing to accept credit cards so that they can earn most people's business.
- Nursie 13y agoThankyou, that's an explanation that makes a lot of sense - the poor schlubs at the sharp end are not in a position to make changes.
- ams6110 13y agoThe merchants generally do have the liability for fraud, but ultimately this "cost of doing business" is reflected in higher prices to the consumer.
- Anderkent 13y agoBut the consumer doesn't notice.
- omegaworks 13y agoI love cash-only places. You know all your money is going to the hard working people making your sandwich instead of the big four credit card corporations.
- pbreit 13y agoYou mean, instead of Uncle Sam.
- skadamat 13y agoExactly, just more for Uncle Sam. At least credit card companies are re-investing their profits to cut down fraud and try to make money transfer easier in general. Could they be doing more? Of course, but the CC corporations have done a lot of good, even for the little SMB / mom & pop shop. The transaction rates these companies charge is very low, and that's all thanks to the competition that has driven down the price over the years
- RockyMcNuts 13y agofor almost a second I thought you were serious.
- smackfu 13y ago>You know all your money is going to the hard working people making your sandwich instead of the big four credit card corporations. In reality, much of your money is going to huge companies that supply their products, like Sysco.
- vidarh 13y agoThat was exactly the same in Europe. Yet the bank pushed EMV hard. And the EMV transition has been going on behind the scenes in the US for years too, so expect to start getting cards with a chip as your cards expire over the next couple of years.