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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Replying to @thijsniks
Part of me believes we need an “opt in” payment approval system with debit cards like we have with
@heyhey email. If it’s a new merchant, you have to click approve in the app before it finishes processing. Or you can temp allow any transaction for X minutes (like for eating).1 reply 0 retweets 0 likes -
Replying to @aaronmfisher @heyhey
The fix is pretty easy actually: The rest of the world requires two factor authentication for payment transactions and has dramatically less fraud (factor 6x and going down) because of it. Combination of chip+pin for retail and 3-D Secure for online transactions.
4 replies 2 retweets 17 likes -
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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I agree that the friction part is a weird argument, but there is definitely this attitude that “as long as it works for me the merchant” I don’t care about others. And regulators are focused on keep loud stakeholders happy instead of citizens
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