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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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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Thijs Niks Retweeted Thijs Niks
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 …
Thijs Niks added,
Thijs Niks @thijsniksReplying to @ChrisShaver64 @jlivingood @VisaSecurityLove that article! Not doing pin is a fear for transactions taking longer but also about rich credit card users not being able to remember the pins of their multiple credit cards and then potentially consolidating on one card2 replies 0 retweets 0 likes -
Replying to @thijsniks @ashishlogmaster and
(Apart from that, I wouldn't mind if pin reduces the number of cards US customers use, because that's just an insane economic waste anyway)
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The entire US economy is consumer/service based, if we have a reduction of credit cards, a lot of the tech sector would be out of jobs as there is less money to move around the system.
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It would be healthy to have those people free up for more important work in society though (not saying it is an easy transition, but the current waste is just sad)
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