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You leave your credit card on the table at a coffee shop. A thief takes it and goes to the grocery store. You’re going to do a chargeback.
by kleinsch 2y ago
You leave your credit card on the table at a coffee shop. A thief takes it and goes to the grocery store. You’re going to do a chargeback.
- welder 2y agoNobody uses physical cards anymore... even my kids pay with their toy watch when playing restaurant Edit: Tap pay is ubiquitous in the EU
- dkasper 2y agoAbsolutely not true. Some places still don’t even take tap to pay and still use chip.
- abakker 2y agoYes - for example, Home Depot does not take tap payments yet.
- tonyarkles 2y agoThis is something I find so fascinating about the American financial system... Home Depot in Canada has taken tap payments and Apple Pay for a long time now.
- crazygringo 2y agoYeah Home Depot is a bizarre exception, AFAIK they signed a contract with PayPal at some point long ago that prevents them from accepting tap-to-pay. Their checkouts have all the hardware for tap-to-pay, but contractually they can't turn it on. Hopefully that contract ends soon, because wow did they shoot themselves in the foot on that one.
- welder 2y agoHome Depot only exists in the USA. I was talking about EU where tap is everywhere.
- fortran77 2y agoThey're in Canada and Mexico too.
- t0mas88 2y agoIs that in the US? Europe hasn't used the magnetic strip on cards for years. It's all chip based and those payment terminals all take NFC / Apple Pay. It would be suicide for a shop not to take it, I know many people that don't carry their bank card at all. Only their phone for Apple pay.
- matwood 2y agoFunny aside. Anytime my CC has been stolen the thieves always go grocery shopping first, I assume for alcohol.
- warkdarrior 2y agoIt's the easiest way to test a card, before going to the Apple Store.
- konschubert 2y agoYea I’m not proposing to replace low security credit cards with low security debit card this is a silly strawman. EDIT: I see the general problem of origination fraud. But that can be mitigated by imposing limits and requiring extra levels of authentication for bigger payments.
- devman0 2y agoYou said you don't want the ability to do chargebacks, but chargebacks solve two different problems: 1) origination fraud (i.e. someone not you originates a transaction from your account) and 2) merchant fraud (i.e. goods not as described/unsatisfactory/undelivered). It's fine if you say, yeah I can do without #2, but realistically you cannot do without #1 in any digital payment scheme that will have wide acceptance so a chargeback mechanism is required. The only settlement methods we have that do without both protections are cash, cashiers checks, and wires. Setting aside cash the other two are a pain in the ass to originate exactly because they are non reversible.
- konschubert 2y ago1) can also be solved with limits and increasing levels of authentication.
- warkdarrior 2y agoSure, tell me the limit that has no fraud detection, so I know how many card numbers I need to steal.
- konschubert 2y agoWhy do you think a card number would be enough to issue a payment?
- ta_1138 2y agoAnd that becomes industrial, as someone takes 50 thousand cards, and then steals $20 from each. Then the next store takes another $20... Fraud is already a big business, with the current security levels. With worse security? Fraud goes up some more.