Credit Card Companies Fight Back… Sorta
from the make-'em-pay dept
Everyone knows that a large percentage of transactions on the internet occur with fraudulent credit cards. For the most part, the credit card companies haven’t done much to deal with it. That’s changing… somewhat. They have established new rules that will designate certain sites as high risk and will charge them expensive fees for having too many chargebacks. Personally, this seems silly. It’s not looking to solve the problem at all, but just to charge merchants more for something they didn’t necessarily do. What should be done is working on creating better fraud detection systems.