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
Having dealt with loads of fraud as a merchant, I think the only reason this doesn't get solved is because it is mostly businesses that foot the fraud bill. Most US cards have strong protection, consumers don't lose money. The chargeback costs are simply passed over to merchant
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Replying to @kyunbit
Yet merchants don’t seem to be pushing for chip+pin or 3D Secure because “it takes longer” and “would hurt sale conversion”
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Replying to @thijsniks
3D secure (as it is implemented now) is not bulletproof. We have encountered fraud even with 3DS. Liability shift ends if you have over 0.75% fraud with 3DS. In US, conversion drops 20-30% with 3DS primarily because the UX is s**t. Hope merchants require the shift.
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Definitely lots of things that need to be improved about 3DS! For one, many countries still use weak versions. Interesting to hear you encountered fraud. Do you happen to know what went down? I'm pretty sure conversion would be ok *if* every online transaction required it.
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