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Credit card companies are a good example of the this too. Since they're responsible for fraudulent charges, there's a huge incentive for them to detect them.
by iano 13y ago
Credit card companies are a good example of the this too. Since they're responsible for fraudulent charges, there's a huge incentive for them to detect them.
- danielweber 13y agoBanks are liable for funds withdrawn from personal (not business!) accounts without your authorization.
- protomyth 13y agoAlthough Walmart in their lawsuit against Visa for fees pointed out that Visa is slowing the adoption of security features in the US. http://www.foxbusiness.com/industries/2014/03/27/wal-mart-files-suit-against-visa-for-m/ http://www.foxbusiness.com/industries/2014/03/27/wal-mart-fi...
- eli 13y agoActually it's usually the merchant who gets screwed.
- FollowSteph3 13y agoThey are not financially responsible. If there's a chargeback, stolen credit card, etc they reverse the charge on the merchant. In other word the merchant pays for the items purchased with stolen credit cards. All the credit car companies need to do is keep theft low enough so that the perception on them is good. Make no mistake the crest card companies do NOT pay for items purchased with stolen credit cards, the merchants do.