Quote:
Originally Posted by motion
Nope. The CC companies lose nothing. The merchants where the goods are purchased eat it. According to the CC companies, they did not do a good enough job with their due diligence.
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Yep. For example -- if my cc is used to fraudulently purchase a $500 HDTV at Best Buy, the cc company won't lose any money, and nore will I. Best Buy will loose the $$ because they were the ones who did not properly authenticate / verify the credit card (verify signature, ask for another ID...etc).
Unfortunately, as with many cases, the small business owner (ie: motion) get hurt the most. While Best Buy can absorb such fraud, mom & pop shops often can't. I guess that's the cost of doing business...
-Z-man.