We have lived in the US for 18 months now and had to deal with more fraudulent charges on our cards and bank accounts (about $2000
) than in the previous 30 years of living in Europe (a nice round $0).
I just don’t understand everyone is ok with this broken system.
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US merchants don’t want to pay for new payment terminals though, ecommerce stores don’t want the extra friction, and regulators are weak
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My dad works in info sec (mostly for banks in the past) & red tape at the banks he did vendor risk analysis for made him leave. People bring ego to work & forget about the customers.
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Exactly. You can't buy anything in Asia online without getting an otp code sent to your phone for two factor .
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Chip and pin is bad as USA customer have too many cards, forget pin and waste banks time for pin reset. Pin reset call costs bank $10+ call, total fraud rate is cheaper than total pin reset calls. Hence we chose pin+sig
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There is some risk of that, but most people would just pick the same pin for all their cards and that’s fine. Plus mobile apps can now allow users to view and change their pin.https://twitter.com/ThijsNiks/status/1282696105877057537 …
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