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It is here: crime tax!

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SiliconWizard:
It's always the customer at the end of the chain who pays anyway. Who else?

And where does it end? Oh well. You may see where during your lifetime. Isn't that lucky?

eugene:
As bdunham7 pointed out, retailers may be partly to blame if they don't update to more secure technology. As a customer, I suppose I could choose to not deal with those retailers if I know it might compromise the security of my own money...

But, ultimately I think the banks are largely responsible. They invented CC's and then debit cards. If using those is not secure, then it is their fault and they should be held responsible for any thefts.

I have not lived anywhere but the US (something I regret as I grow older, but that's another discussion.) Here, anyone paying attention understands that EVERYTHING is driven by money. It's not always ideal; it falls apart completely with any kind of monopoly, but largely it works as long as the people with the money to spend have the power. That's us, the consumers.

Years ago, most banks offered interest bearing savings accounts but charged fees for a checking account. Then a few banks started offering free checking, perhaps with a minimum balance. People switched to those banks and eventually most banks started offering free checking accounts, maybe even bearing minuscule interest. I count on the same mechanism to push banks to take responsibility for CC/debit security without passing the cost on to their customers. Not because the suits in the top floor offices care about us, but because they'll learn that they will lose business if they don't.

SiliconWizard:
Not to say that banks are not responsible, but to be fair, payment cards have NOT been invented by banks. And they are not even handled by banks directly. VISA, Mastercard, American Express (the big 3) are NOT banks.

bdunham7:

--- Quote from: SiliconWizard on September 01, 2022, 07:41:52 pm ---but to be fair, payment cards have NOT been invented by banks. And they are not even handled by banks directly. VISA, Mastercard, American Express (the big 3) are NOT banks.

--- End quote ---

Well, they may not have 'invented' the concept, but the first viable general-purpose charge card was the BankAmericard from the Bank of America.  Now that card is VISA, of course.  Also, while VISA/MC handle the front end of the payment system, the issuing banks are still heavily involved in all of the processes including fraud protection.  If I have an issue of any kind, I call the issuing bank (Chase, Citi, whoever) not VISA/MC.  And some of those 'issuing banks' are primarily credit card issuers and just barely banks at all, like Capital One.  AMEX is a bit different in that it is all one company.  And you forgot a fairly big one (in the US)--Discover, which is in fact a complete bank as well as an integrated card issuer.

PlainName:

--- Quote ---If I have an issue of any kind, I call the issuing bank (Chase, Citi, whoever) not VISA/MC.
--- End quote ---

Isn't that the same as any product? The purchaser has a claim with whoever sold it to him, not the manufacturer.

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