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re: Credit Card Chip system. Or not?
Posted on 10/24/16 at 8:28 pm to efrad
Posted on 10/24/16 at 8:28 pm to efrad
quote:
Tons of retailers don't want to invest because the credit card companies themselves absorb most of the fraud.
Not any more. if your bank issues you a credit card with a chip in it and the merchant has you swipe instead of chip read, the merchant, not the bank, is responsible for any fraud activity. its a big liability intended to force the merchants to accept the higher security of chipping.
Not 100 percent sure, but if fraud happens with your card in such a situation, the merchant may or may not honor any fraud coverage like the bank would.
1
Posted on 10/25/16 at 2:38 pm to Pavoloco83
quote:
Not 100 percent sure, but if fraud happens with your card in such a situation, the merchant may or may not honor any fraud coverage like the bank would.
I don't think you understand what you're saying. If someone steals my credit card number and clones it to a fake card and goes to [Retailer] and buys a TV using a swipe, of course I'll be covered for the fraud--the credit card company would reverse the charges. They're not gonna say "Sorry, the thief did it with a swipe--Go call [Retailer]." When they reverse the charges under normal circumstances, the credit card company eats the fraudulent charge. Since the liability shift, I assume they charge [Retailer] for the fraudulent charge reversal.
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