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.
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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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I think that a lot of the merchants simply cant afford to pay for new terminals... Because those that can, mostly already have (in order to be able to accept NFC Apple and Google payments, available at 70% of retail).
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Not sure I agree with “can’t afford.” They have had 10 years now and it is fine in pretty much every other country
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