Online Credit Card Fraud Increasing

from the blame-the-merchants! dept

A few years ago I worked at an e-commerce startup, and the number of fraudulent credit cards that made it through the purchase process was staggering. Apparently, it’s only been getting worse and worse. To make matters worse for the e-commerce companies, the credit card companies are making the merchants liable for fraudulent credit cards. It’s hurting a lot of e-commerce merchants, who have to come to terms with the fact that nearly 5% of what they “sell”, may actually be “stolen”. The merchants say that the credit card companies are doing nothing to help the situation – but Visa and MasterCard deny this. They’re both working on new systems that will make you have a password with your credit card. I wonder how many people will use this – and how many people will just think it’s annoying. I’m still waiting for credit card readers to come standard with computers.

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