Jesse Powell on Twitter: "@peterktodd In my last business (virtual goods), the cost of detecting and preventing CC fraud was ~7%. Not included in that figure: lost biz due to false positives and verification abandonment, fraud we failed to detect/prevent. Can't steal millions with one CC but you have millions of CCs." / Twitter

LOLOLOL There's businesses that lose double digits of their revenue to credit card fraud; I wind up getting my card frozen due to fraud two or three times a year.

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Ari Paul

@AriDavidPaul

· Jan 13, 2019

Replying to @csuwildcat and @kyletorpey

Very different risk. Anyone with your credit card number could commit credit card fraud. Why doesn’t it happen to you daily? Because it’s hard to get away with a sizeable theft. Same with Amazon, same with bank wires. Crypto is an exception, along with purely digital goods.

Jesse Powell

@jespow

Replying to

@peterktodd

In my last business (virtual goods), the cost of detecting and preventing CC fraud was ~7%. Not included in that figure: lost biz due to false positives and verification abandonment, fraud we failed to detect/prevent. Can't steal millions with one CC but you have millions of CCs.

5:45 PM · Jan 16, 2019Twitter Web Client

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and

Crypto shifts the fraud target from businesses to individuals

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