General > General Technical Chat

"FU^%ING" Credit-Cards!!!

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greenpossum:

--- Quote from: gnif on June 27, 2020, 01:27:45 am ---A colleague of mine works for a company that configures and services these units, unless it has been specifically requested, there is a valid reason for the request AND the bank authorizes it, by default the mag strip is no longer usable in Aus, even as a fallback. There is also an additional monthly fee and you wave protections as a merchant due to the lower security of the device as the responsibility is now on the merchant more than ever to prevent fraud. Many countries have also completely blocked the use of the mag strip specifically due to fraud and many POS machines today do not even have the ability to read the mag strip.

--- End quote ---

I rarely have to resort to swipe but I haven't come across any that have the swipe blocked. Of course they may simply replace it with a unit that doesn't even have a magstripe reader, making the issue moot. So who knows what the real numbers are, except that they will decline.

gnif:

--- Quote from: greenpossum on June 27, 2020, 01:43:20 am ---I rarely have to resort to swipe but I haven't come across any that have the swipe blocked. Of course they may simply replace it with a unit that doesn't even have a magstripe reader, making the issue moot. So who knows what the real numbers are, except that they will decline.

--- End quote ---

Yes, that could be the case, no way to know without the numbers and I bet that larger corporations like Woolworths and Coles would rather lose a small amount due to mag stripe fraud then the possible loss of sales when it's actually needed.

greenpossum:

--- Quote from: gnif on June 27, 2020, 01:58:58 am ---Yes, that could be the case, no way to know without the numbers and I bet that larger corporations like Woolworths and Coles would rather lose a small amount due to mag stripe fraud then the possible loss of sales when it's actually needed.

--- End quote ---

Also note that the magstripe reader is still needed for gift cards and similar that do not have a chip. This is also losing ground to e-gift cards and apps.

Brumby:

--- Quote from: gnif on June 27, 2020, 01:38:32 am ---They didn't even know what Git or Subversion was, source control for them was a samba share over a VPN to developers in India and they insisted that they have direct access to the production servers and couldn't understand why we wouldn't let them.

--- End quote ---
:palm:

cliffyk:
In the US, a credit card holder can only be held liable for a maximum of $50 in fraudulent charges, per the 1974 Fair Credit Billing Act ($0 if you have reported the card compromised prior to the unauthorized charges. In practice, most card issuers do not hold the cardholder liable for any fraudulent use, as the most they would get would be $50 and a pissed off customer.

My wife checks our card transactions EACH Morning via the bank's online portal. Just last month I got gas at a local (Saint Augustine, FL) Sunoco station and within 2 hours there was a $499 charge made at a Sunoco in Philadelphia. How this was done is unknown, but we had to get new cards but did not lose a penny--Sunoco did not seem especially concerned about this and pretty much blew us off, last time I get gas from them.

Prior to the FCBA, and because credit card transactions are a loan, courts had held that under the 1968 Truth in Lending Act it was the card issuer's responsibility to prevent fraudulent use.  The FCBA was technically an amendment to the TILA, which was part of the 1968 Consumer Credit Protection Act (a reaction to the direction the lending industry headed in the 60s. 

There are only modest protections for fraudulent debit card use, just $50 for 2 days after the first use, $500 for 2 to 60 days hence (and good luck on actually getting that). Once 60 days have passed since you received your statement your money is gone.

Bottom line, if it's your debit card that's been hacked you're screwed...

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