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The US system of authenticating the transaction vs the card/user seems to work pretty well. The US rapidly adopted online commerce and payment. Consumers, overa

The US system of authenticating the transaction vs the card/user seems to work pretty well. The US rapidly adopted online commerce and payment. Consumers, overall, have nothing to worry about. Since the merchants and banks are responsible for fraud on credit cards, they seem to be a bit more on to of things. N=1, but with Wells Fargo, my credit card gets blocked now and then due to suspected fraud. Once it was due to a cloned card being used. Bit of an annoyance getting a new card (they're no Amex, who'd always overnight me a card, no matter where I was), but otherwise I had zero financial worry. Compare to my debit card. Not one have I even revived a warning about it, let alone a block. Even when I gave it to someone to use and take cash out on in another country. EU and others seem to be rushing to implement strong auth, but as a consumer, screw that. Use machine learning and law enforcement to deal with it and let my experiences be unencumbered. Spending 2 minutes to authorize merchants seems like a large annoyance.

icebraining 12y ago
Since the merchants and banks are responsible for fraud on credit cards, they seem to be a bit more on to of things. But are they? "Total global payment-card fraud losses were $11.3 billion in 2012, up nearly 15% from the prior year. The United States—the only country in which counterfeit-card fraud is consistently growing—accounted for 47% of that amount, according to the Nilson Report: card issuers lost $3.4 billion and merchants another $1.9 billion." This kind of inefficiency doesn't come cheap. There's a reason why VISA and Mastercard disallowed merchants to charge more for CC transactions. EU and others seem to be rushing to implement strong auth, but as a consumer, screw that. Use machine learning and law enforcement to deal with it and let my experiences be unencumbered. Spending 2 minutes to authorize merchants seems like a large annoyance. How is having your card blocked and having to wait days to receive it not being encumbered? As for the debit card thing, that wasn't what I was talking about. I was talking about remote payments, where we use direct debit, not debit cards.
- MichaelGG 12y ago
  11 billion on what, 5-6 trillion in spending? So ~0.2%? In don't find that particularly terrible at all, in the slightest. I've only had to replace my VISA card once in perhaps ten years, so overall it's not been an issue. For direct debit, I get even more nervous. Now someone that's compromised my phone/PC or whatever I'm using can make difficult-to-reverse transactions?

icebraining 12y ago

Since the merchants and banks are responsible for fraud on credit cards, they seem to be a bit more on to of things. But are they? "Total global payment-card fraud losses were $11.3 billion in 2012, up nearly 15% from the prior year. The United States—the only country in which counterfeit-card fraud is consistently growing—accounted for 47% of that amount, according to the Nilson Report: card issuers lost $3.4 billion and merchants another $1.9 billion." This kind of inefficiency doesn't come cheap. There's a reason why VISA and Mastercard disallowed merchants to charge more for CC transactions. EU and others seem to be rushing to implement strong auth, but as a consumer, screw that. Use machine learning and law enforcement to deal with it and let my experiences be unencumbered. Spending 2 minutes to authorize merchants seems like a large annoyance. How is having your card blocked and having to wait days to receive it not being encumbered? As for the debit card thing, that wasn't what I was talking about. I was talking about remote payments, where we use direct debit, not debit cards.

MichaelGG 12y ago
11 billion on what, 5-6 trillion in spending? So ~0.2%? In don't find that particularly terrible at all, in the slightest. I've only had to replace my VISA card once in perhaps ten years, so overall it's not been an issue. For direct debit, I get even more nervous. Now someone that's compromised my phone/PC or whatever I'm using can make difficult-to-reverse transactions?