![]() ![]() eBay and craigslist also have huge fraud problems, but again, the sheer volume of legitimate transactions and the value of the huge markets they serve is enough to overcome any misgivings people have about using the services. Likewise, PayPal fraud is still an issue that they fight every day.but PayPal is incredibly profitable. I'll also mention that folks swipe their cards in fake ATM swipers pretty regularly. I'm just pointing out that fraud has been solved in other novel payment processing cases in the past and will be solved for this particular case by someone, possibly this company, possibly one of the several likely competitors that will spring up (payment processing is incredibly lucrative if you do solve the fraud problem well enough). I think fraud will be a big part of the problem they have to solve. I'm about the hit the road doing sales work for my company, and I can see this coming in very handy, and I don't think my potential customers would have any reason to be concerned about fraud (since they can easily check up on us, and know that I am who I say I am).Īnd, I'm not arguing with you. And, I guess it would make that kind of fraud easier, since the attacker would have more information.īut, people are, I think, pretty cagey with handing random people their credit card outside of the context of a reasonably trustworthy business. It won't stop the kinds of fraud that already happens like your waiter at a restaurant keeping lists of card numbers for sale on the black market. PayPal also started as a company doing security and payments on portable devices, so it's doubly relevant.Īs far fraudulent devices, I think it's pretty safe to assume that people aren't going to be swiping their cards with random people rather merchants and vendors that they already have a reasonable level of trust with, but in situations where sales would have been limited to cash only or more complicated and PO-based (trade shows, live events, sales guys in the field, etc.). Turns out the early story of PayPal is the story of solving the fraud problem.so it is extremely relevant to this discussion. A good version of it is to be found in Founders at Work, as told by Max Levchin (the nerd who mostly solved fraud for PayPal). ![]() If you haven't read the PayPal story, you probably should. But also admittedly, I've never spent any amount of time thinking about it nor did I personally research into this. Again, I don't see how a two-factor system would prevent this. As far as the information I read about and had limited contact when I was associated with a security lab, carders distribute cc numbers in the thousands and resell them, and eventually do get charged in small amounts. > Ever have your credit or bank card stolen? Thieves typically split their theft into numerous small transactions. If you want to spend $25 to get an RSA token to provide a code every time you purchase something, I don't see anything wrong with that service being offered to you. I do agree however that you should be able to opt in for services that require more verification for transferring money. Once you try to buy something online, you're outside the scope of your physical card. From the way it sounded, you punch in the amount at the time of physical swipe. How does this system provide 'total security' and guard against remote theft? There is no such thing as 'total security,' you're just mitigating risk. At the very least, those of us who are not terminally lazy ought to have the option of paying it. > The time spent is a small price to pay for total security against remote theft. The amount of effort something takes almost always decreases. People have also worked 16 hour days to feed their families for millenia no one's going to do that now. Shoppers have dealt with counting out money for millenia. ![]()
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