Quote:
Originally posted by synergysex
Visa loves fraud. They make millions anually from it. There is the chargeback fee and then they charge the discount rate twice. Trust me, I know what I am talking about - I used to work for a major third party billing provider and I learned all the games they pull.
If Visa and MC wanted to, they could stamp out fraud just like that.
|
um...what??? are you serious?
I work for Visa (specfically for a Canadian bank). We lose tons of money from fraud. We do NOT, EVER EVER make money off it. We charge no dispute fees. Hell, most of the time someone calls us FREAKING out about a charge on their account. We start the investigation which takes time and money. Then 5 days later the same idiot calls back 'ohh.. I know what that charge is now on my bill. So you can stop the investigation'.
People are so freaked out about fraud that the slightest suspiscious thing makes them go nuts.
If people are so worried about fraud. Don't apply for a credit card. If you NEED the credit card, then there are certain precautions that can be taken.
Your credit card and expiry date is recorded on every receipt. Keep the receipts. Don't throw them on the sidewalk the minute you walk out the store. When your monthly statement comes in, check off what matches. Now blacken the number and expiry date with a marker. If you're making internet purchases, do your homework first. Look for any feedback about the merchant. As much as possible, try to use 'Verified by Visa'
Anyways.. point is, Visa does NOT like fraud. We invest millions of dollars in fraud monitoring systems. And you know what the worst part is. I have clients calling me fuckin yelling their heads off because they're off on vacation somewhere and they just tried spending 1000 on their visa and WOOPS, our fraud system caught it and flagged it. Then they call and threaten to cancel their card when all they had to do was call our 24 hour our collect number and say 'yeh it's me.. im making that purchase.'
Jesus, people will never be happy. Visa tries to protect, we get bitched at. It's a lose-lose situation.
I agree about the making money part. There are annual fees, high interest rates, high cash advance fees, foreign exchange fees. But we LOSE money with fraud.