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Old 09-05-2012, 10:04 AM
richardshelton richardshelton is offline
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Join Date: Sep 2012
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The card issuers & servicers wave the banner of "no liability for fraudulent use" as a means of attracting new customers & retaining existing ones, thereby encouraging "friendly" fraud.

In fact, they merely pass the ensuing costs back to the merchants, in the form of transaction charge-backs & processing fees.

Furthermore, a number of banks refuse to verify the CVC Code, claiming that such is intended for their use in dealing with the card-holder only, thereby depriving the merchant of an additional & valuable tool in combatting fraud.

As a result, the "customer" gets free goods, the banks earn interchange, the merchant acquirers earn their share of the discount, the card processors earn transaction & settlement fees, and the merchant gets screwed.
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