But doesn't this attitude screw the merchants? If an online merchant accepts a payment from a stolen CC they have to foot the bill for the product they sent out. Thats how I thought it worked?
And the problem is? Users love this policy. Banks love this policy. Merchants don't, because they get screwed. And it's even worse. Not only are they out the product, but they also get charged, even if they provided a CVV in the transaction. So, you lose the cost of the product, the time involved, AND you get fined.
Comments
But doesn't this attitude screw the merchants? If an online merchant accepts a payment from a stolen CC they have to foot the bill for the product they sent out. Thats how I thought it worked?
And the problem is? Users love this policy. Banks love this policy. Merchants don't, because they get screwed. And it's even worse. Not only are they out the product, but they also get charged, even if they provided a CVV in the transaction. So, you lose the cost of the product, the time involved, AND you get fined.