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View Poll Results: Banking/Financial
Progressive 14 66.67%
Traditional 1 4.76%
Straddles the Line... 6 28.57%
Voters: 21. You may not vote on this poll

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Old 10-04-2010, 11:46 AM
 
487 posts, read 1,375,888 times
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Progressive here. The only thing I won't do is allow a business to auto-bill me, charging my card or drawing from my account automatically. I prefer to receive an invoice, having a chance to review it and authorizing the payment myself.
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Old 10-04-2010, 01:12 PM
 
408 posts, read 988,340 times
Reputation: 146
Quote:
Originally Posted by BrianTH View Post
The bottomline is that people are obviously choosing what they feel is overall the most convenient and secure method of payment, and for transactions about minimal amounts, these days that is overwhelming electronic transactions. So again, to really provide an alternative, it will have to be electronic and at least as convenient (if not more so).
Even a PayPal model would be preferrable to me. Paying the paypal transaction fee brings value for the seller - if they are ripped off, paypal will cover it (let's ASSUME here that paypal follows through on their promises).

With that model, Paypal is dictating all of the transaction terms, and yet they are on the hook for stolen payment information, which motivates them to consider the security of their authorization method. So, while a merchant may be "forced" into accepting payment via paypal, they aren't expected to secure paypal's data.

With the credit card company, the credit card company is providing a guarantee to the consumer but the guarantee is really backed by the merchant, who has no power to alter the system. So, they are being fined if they don't do what the credit card company tells them (protect a plain text number), and penalized (loss of goods/services/money) if it doesn't work.

The credit card companies could easily issue a "live" card at a nominally greater cost that could handle token-based authentication, which would save merchants tons of money in stolen goods and help stop thieves in their tracks, but with the merchant being the only one standing to lose money, they have no motivation. The credit card company gets its transaction fee and its interest, the thieves get free stuff, and the merchant and customer are on the hook for it.

Laws could also be passed to force credit card companies to be compliant in prosecution of data thieves. Right now, the merchant gets ripped off because the credit card company doesn't allow him any method of validating the identity of the buyer, and nothing will be done to discourage the thieve from doing it again.
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Old 10-04-2010, 01:21 PM
 
408 posts, read 988,340 times
Reputation: 146
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Originally Posted by bboy36win View Post
Progressive here. The only thing I won't do is allow a business to auto-bill me, charging my card or drawing from my account automatically. I prefer to receive an invoice, having a chance to review it and authorizing the payment myself.
You really need to watch what you are agreeing to these days.

I just signed up for directv. Their terms of agreement include pulling funds from any card or bank account you have ever given them in the event that you break their contract, don't return equipment, or are late on your payment... and of course they take your SS#, so they can ding your credit report if all else fails.

This is all fine and good, assuming you trust their non-english speaking outsourced employees to not messing your account up.

Last edited by tranceFusion; 10-04-2010 at 01:41 PM..
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Old 10-04-2010, 01:35 PM
 
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Yeah, there is no real reason you couldn't have a PayPal-type app on a smartphone.
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Old 10-04-2010, 01:41 PM
 
408 posts, read 988,340 times
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Originally Posted by BrianTH View Post
Yeah, there is no real reason you couldn't have a PayPal-type app on a smartphone.
it doesn't have to be a paypal type app, I just mean that the company facilitating the transaction is also providing the insurance, not the merchant.
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Old 10-04-2010, 03:33 PM
 
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Originally Posted by tranceFusion View Post
it doesn't have to be a paypal type app, I just mean that the company facilitating the transaction is also providing the insurance, not the merchant.
That's what I meant by "PayPal-type". But you need something on the phone to make that a nice easy transaction to conduct.
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Old 10-04-2010, 04:05 PM
 
408 posts, read 988,340 times
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Originally Posted by BrianTH View Post
That's what I meant by "PayPal-type". But you need something on the phone to make that a nice easy transaction to conduct.
It doesn't need to be on a phone. All I am saying is that if credit card companies had responsibility for card number security, they would have motivation to create a secure system.. this would create an "efficiency" in that thieves would "lose" instead of the merchants and consumers, as well as a real efficiency in one or a few inherently secure systems being implemented instead of each merchant, gateway, and processor having to make a best effort at securing an inherently insecure system.
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Old 10-04-2010, 04:57 PM
 
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It doesn't have to be on a phone, but you have all these people walking around with network capability--makes it easy to imagine going right around the existing infrastructure and players.
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Old 10-04-2010, 09:17 PM
 
1,158 posts, read 1,845,289 times
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Quote:
Originally Posted by tranceFusion View Post
Sorting out stolen transactions certainly isn't efficient use of my time.
Yes , it's very inefficient AND time consuming, too. I had that experience and found that the CC company was so delayed in getting me a statement of total transactions made -by then it was too late for police to conduct an investigation/ look at the surveillance camera at merchant where the transactions were made.
This was back in the day before I had computer/internet so thank god this has helped people conduct a more timely response to theft nowadays, but I had stolen charges totaling about $5,000.
The credit card swipe system is not secure enough making it still too easy for thieves to swipe many transactions at various merchants. I think a PIN should have to be entered along with the swipe.
Yes it would take a few more seconds to do so but would cut down on theft and lower costs for all of us consumers.
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Old 10-04-2010, 10:02 PM
 
5,802 posts, read 9,852,741 times
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Originally Posted by rhondee View Post
Yes , it's very inefficient AND time consuming, too. I had that experience and found that the CC company was so delayed in getting me a statement of total transactions made -by then it was too late for police to conduct an investigation/ look at the surveillance camera at merchant where the transactions were made.
This was back in the day before I had computer/internet so thank god this has helped people conduct a more timely response to theft nowadays, but I had stolen charges totaling about $5,000.
The credit card swipe system is not secure enough making it still too easy for thieves to swipe many transactions at various merchants. I think a PIN should have to be entered along with the swipe.
Yes it would take a few more seconds to do so but would cut down on theft and lower costs for all of us consumers.
I totally agree with this....Most POS machines have pin pads now-a-days anyway to accomidate Debit Purchases....I would go a step further and say Internet purchases should require the pin number as well...

Just like ordering over the Phone with live rep should require the 3 digit suffix number on the back......
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