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Your not wrong. Especially if you have been through it before, the apparatus for handling fraud, reversing it, and cleaning things up is so tight that it's har
by colinbartlett 12y ago
Your not wrong.
Especially if you have been through it before, the apparatus for handling fraud, reversing it, and cleaning things up is so tight that it's hardly even distressing anymore. The biggest annoyance would be updating any recurring payments from that card.
Which got me thinking: How much of my bank fees are spent on fraud prevention and clean up? How much cheaper could credit card processing and banking in general be if banks didn't need to spend BILLIONS of dollars in infrastructure, procedures, and automation to make these fraud cases go so smoothly?
- jabagawee 12y agoThe next question is: is that a tradeoff that is worth it?
- emodendroket 12y agoThe sticking point is that banks don't want to invest in a new system unless they can shift liability to the consumer, which is unpopular for very good reasons.