Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Location: Chapel Hill, NC, formerly NoVA and Phila
9,779 posts, read 15,793,171 times
Reputation: 10888
Advertisements
Quote:
Originally Posted by yspobo
I haven't received an email asking me to confirm anything.
I received an email on 9/8 asking me to confirm my credit monitoring or to change my claim. It said I have until 10/15 to do so. The email came from Equifax Breach Settlement Administrator. Or you can go here to confirm it:
Fraud is one of their biggest costs and this kind of system might significantly reduce fraudulent transactions. While you might have cc protection when a scammer runs thousands of phony charges on your card, the cc company still pays for it.
Might might? So you aren’t sure? Are you also sure that CC companies pay for all cc fraud?
cc companies are rolling out new features all the time. The alert notifications by text wasn't readily available a decade ago. You have no idea what they are evaluating or doing behind the scenes. Stricter transaction authentication is being aggressively developed.
I understand new features as I’m in the financial services world but push notification or text notifications are far from a multi factor confirmation before processing
Quote:
The EU’s revised Payment Services Directive (PSD2), which include multifactor authentication for online European payment card transactions, will have a ripple effect on the payments processing industry in the U.S. and elsewhere. https://www.csoonline.com/article/33...-industry.html
The EU chip feature took forever to make it to the US and true chip & pin isn’t here. Plus the above isn’t close to your proposal.
Why do you think the CC companies, banks and retailers haven’t supported your idea ?
I understand new features as I’m in the financial services world but push notification or text notifications are far from a multi factor confirmation before processing
The EU chip feature took forever to make it to the US and true chip & pin isn’t here. Plus the above isn’t close to your proposal.
Why do you think the CC companies, banks and retailers haven’t supported your idea ?
That would be like asking ten years ago why the industry didn't support chips. It's coming. The fact it isn't here yet doesn't mean they have looked at it and rejected it.
And if you think merchants would feel pain from consumer-optional MFA, they will be tortured by PSD2 because it shifts the entire burden onto the merchants. Instead of a handful of cc issuers modifying their systems, millions of payment processing systems will need to be modified. Instead of being optional, it will be mandated. As with chips, EU leads the industry and it will make it's way here.
That would be like asking ten years ago why the industry didn't support chips. It's coming. The fact it isn't here yet doesn't mean they have looked at it and rejected it.
It does mean they haven’t found the benefits cost or otherwise that you have
Quote:
And if you think merchants would feel pain from consumer-optional MFA, they will be tortured by PSD2 because it shifts the entire burden onto the merchants. Instead of a handful of cc issuers modifying their systems, millions of payment processing systems will need to be modified. Instead of being optional, it will be mandated. As with chips, EU leads the industry and it will make it's way here.
All transactions being possibly controlled by mfa is a much greater burden than online only. Clearly a large differential
What about the additional payment? When I originally applied to get the cash payment, you also could submit claim for hours already worked toward clearing up your credit if you were impacted. So, I requested the $125 months ago and also submitted some hours in addition to that. I've got the "Amend Your Claim" page up, and it doesn't mention that at all.
Fraud is one of their biggest costs and this kind of system might significantly reduce fraudulent transactions. While you might have cc protection when a scammer runs thousands of phony charges on your card, the cc company still pays for it.
cc companies are rolling out new features all the time. The alert notifications by text wasn't readily available a decade ago. You have no idea what they are evaluating or doing behind the scenes. Stricter transaction authentication is being aggressively developed.
The EU’s revised Payment Services Directive (PSD2), which include multifactor authentication for online European payment card transactions, will have a ripple effect on the payments processing industry in the U.S. and elsewhere. https://www.csoonline.com/article/33...-industry.html
They don't always pay for it, exactly. Say, for example, a scammer gets your CC info and purchases a bunch of stuff. You dispute it. The CC company will often do a reversal of funds and make the merchant jump through hoops to try and keep from losing the money. The merchant often loses money because they received a fraudulent payment. The CC holder isn't informed of all of this, usually. The CC company usually doesn't eat the amount though. The merchant does.
They don't always pay for it, exactly. Say, for example, a scammer gets your CC info and purchases a bunch of stuff. You dispute it. The CC company will often do a reversal of funds and make the merchant jump through hoops to try and keep from losing the money. The merchant often loses money because they received a fraudulent payment. The CC holder isn't informed of all of this, usually. The CC company usually doesn't eat the amount though. The merchant does.
Either way, money gets eaten by a party that didn't deserve it. Better to prevent the fraudulent transaction in the first place so the thief isn't the winner while one of the other parties is the loser.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
