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0 pointsCJefferson2y ago0 comments

The problem is that would have the opposite problem, that purchases made with stolen cards were 100% unrecoverable. While im sure we can improve things, the fact that the current system favors individual people, rather than businesses, is intentional, not an accident.

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kolinko2y ago

Having a 2FA for credit card / wire transfer payments solves this issue and it's a de facto standard now in many European countries.

happymellon2y ago

How are people using stolen cards?

Do your banks not have 2 factor enabled?

Using the card not present should require a second factor, Visa Secure type of thing and in person should require your pin for non-frivolous amounts.

dylan6042y ago

In the late '90s when it happened to me, this wasn't even invented yet. In the US today, 2nd-factor is not widely used at all. Not once I have I been challenged by a 2nd-factor, and if I were to be, I'd have no idea what to do with it.

happymellon2y ago

If you were purchasing online then it will tell you to refer to your banking app. If it's in perso , them asking for a pin is pretty straightforward.

So who is pushing back against this? The networks already have it in place everywhere else, and since it's part of the transaction process there isn't a lot for stores or websites to do.

zdragnar2y ago

In the US, entering a PIN at the terminal is only prompted for debit cards, not credit, and even then you can usually opt to run the debit card as if it were a credit card and just scribble a fake signature.

happymellon2y ago

But that's a low hurdle to resolve.

The Fed should be able to phase in requirements. They've had decades so far.

j / k navigate · click thread line to collapse

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kolinko2y ago

Having a 2FA for credit card / wire transfer payments solves this issue and it's a de facto standard now in many European countries.

happymellon2y ago

How are people using stolen cards?

Do your banks not have 2 factor enabled?

Using the card not present should require a second factor, Visa Secure type of thing and in person should require your pin for non-frivolous amounts.

dylan6042y ago

happymellon2y ago

If you were purchasing online then it will tell you to refer to your banking app. If it's in perso , them asking for a pin is pretty straightforward.

So who is pushing back against this? The networks already have it in place everywhere else, and since it's part of the transaction process there isn't a lot for stores or websites to do.

zdragnar2y ago

happymellon2y ago

But that's a low hurdle to resolve.

The Fed should be able to phase in requirements. They've had decades so far.

j / k navigate · click thread line to collapse