> Credit card companies spend a lot of money protecting their customers from card number theft (which is rampant in all parts of the world)
I only bite half to this argument.
If they really wanted to fight against credit card number theft, they would:
- Enforce pin payment everywhere around the world
- Ban magnetic strip payment once for all
- Enforce two factor authentication system for anything related to online payment.
They do not. Why ?
Because the fraud "real" cost is mainly thrown in the wild on the merchant that have to deal with their goods being sent and their payment being reverted.
It is a liability issue.
I am pretty sure that with a little law that, lets say, enforce Banks to reimburse their customers under 24h00 for a small fee, lets say 10$, in case of fraudulent transaction: This entire system of scam would fade away pretty quickly.
I only bite half to this argument.
If they really wanted to fight against credit card number theft, they would:
- Enforce pin payment everywhere around the world - Ban magnetic strip payment once for all - Enforce two factor authentication system for anything related to online payment.
They do not. Why ?
Because the fraud "real" cost is mainly thrown in the wild on the merchant that have to deal with their goods being sent and their payment being reverted.
It is a liability issue.
I am pretty sure that with a little law that, lets say, enforce Banks to reimburse their customers under 24h00 for a small fee, lets say 10$, in case of fraudulent transaction: This entire system of scam would fade away pretty quickly.