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(Buzzfeed News)   Mastercard and Visa don't care about fraud. It's good for business   (buzzfeednews.com) divider line
    More: Scary, Credit card, world's biggest credit card companies, corrupt European bank, Fraud, Visa's payment networks, Mastercard's merchant fraud control, yearlong BuzzFeed News investigation, Paul Paolucci  
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873 clicks; posted to Business » on 18 May 2022 at 6:35 PM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-05-18 4:18:02 PM  
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2022-05-18 6:54:02 PM  
See also: phone companies and scammers.

As long as they get their cut, they're ready to look the other way and whine that they can't do anything.
 
2022-05-18 6:55:09 PM  
This explains how my Mastercard can afford to give me 8% off gas and grocery purchases this quarter, since I never pay their insulting interest rate. It's probably those transaction fees in combination with people who actually pay their insulting interest rate.

CSB: I went on a cross country road trip, and I had to tell their fraud department each state I was going to drive through and which day(s) I would be there. They could not believe anyone could cross 11 states in four days. It was unfathomable.

I will admit I started assuming everyone working for their organization was stupid, so I guess I learned something?
 
2022-05-18 7:08:47 PM  
tool for fraud, with scammers on every continent using the card networks to sell fake miracle cures, multilevel marketing schemes, bogus educational opportunities, and pump-and-dump investment scams on a massive scale.

Those things aren't fraud in the US.  Only the legality of a pump and dump is marginal.
 
2022-05-18 9:05:32 PM  

runs with mutts: This explains how my Mastercard can afford to give me 8% off gas and grocery purchases this quarter, since I never pay their insulting interest rate. It's probably those transaction fees in combination with people who actually pay their insulting interest rate.

CSB: I went on a cross country road trip, and I had to tell their fraud department each state I was going to drive through and which day(s) I would be there. They could not believe anyone could cross 11 states in four days. It was unfathomable.

I will admit I started assuming everyone working for their organization was stupid, so I guess I learned something?


When my cards got stolen in Thailand, Visa was overly helpful. They offered to have a new card in my hands within 24 hours and wiped out all the fraudulent charges.  When I asked if I needed to provide proof of what charges were legitimate the Visa rep responded, "It's fine, the person who stole the card made charges significantly different than your typical charges."
I was curious if they could tell me what the thief bought, so I asked the Visa rep. She responds, "A nice hotel room and a dinner at a nice restaurant."

Lol thanks for calling me out as a cheapskate, Visa.
 
2022-05-19 8:07:50 AM  
Visa and MasterCard don't deal with individuals.  If you think they helped (or didn't), it was the issuing bank, not the card schemes.
 
2022-05-19 9:34:17 AM  
This appears to be a well researched investigative article. Well done, Buzzfeed.News!

/did I actually just praise Buzzfeed?
 
2022-05-19 11:39:52 AM  
This is like the Feds regulating the maximal amount of insect parts in flour.

Ideally we'd all like that amount to be zero. Realistically however we need to define a tolerable amount and require it be below that.
 
2022-05-19 8:45:09 PM  

imashark: This appears to be a well researched investigative article. Well done, Buzzfeed.News!

/did I actually just praise Buzzfeed?


If you understood more of how the banks work with Visa and MasterCard and how the fraud works, you wouldn't have been impressed with the investigative skill of the authors or the article at all.
 
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