Quote:
Originally Posted by Samdari
I am confused as to why everyone is disappointed that the banks don't prosecute these guys. Banks do not have the power or authority to prosecute criminals.
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The banks do have the power and authority to stop the practices that make this so trivially easy to do, but often don't because it IS cheaper for them to just pay the fraud charges than to put these in place. Keep in mind these are the same folks who have opened your checking account WIDE open to anyone who can get a number simply because it's cheaper for them.
Not all banks, as some do a decent job of spotting the patterns, but of course many criminals have figured the patterns out and avoid them, so they mostly catch legitimate folks.
There are things like Verified by Visa, but the merchant AND the bank both have to have these in place. Stuff like that needs to be REQUIRED. Unfortunately, consumers demand the convenience of credit cards and won't stand for the extra protections either.
So we're all screwed.