What Americans tend to refer to as “fraud protection” is charge back policies, where the payment processor acts as Content Police and revert transactions if they hear the vendor was unfair to their customer (and they usually are on the side of the customer).

My EU bank won’t do that even on my credit card, because it’s insane that one would expect a financial institution to be judge, jury, and executioner in the case of a disagreement over legal services rendered.

Americans have to own up to the uncomfortable fact that dependence on these policies is what keeps the big credit cars companies in power, on top of severely driving up consumer prices (unfairly weighted towards the rich of course who get cashbacks thanks to the obscene money Visa makes on their enormous transaction fees) and being incredibly unfair to small vendors who don’t have the means to meaningfully dispute fraudulent chargebacks.

Banks can and absolutely do honor chargeback requests, though the terminology is usually different, even in the EU. But these are usually always honored (eg SDD Reversal or MOIs).

Wait, where in the world does that happen?

…don’t tell me that in the US if someone has your banking details they can do literally anything they want, and just empty your account

… Exactly why I can’t stand that platform. Instead of just leaving that trash off the platform, they’re fighting for it.

… Exactly why I can’t stand that platform. Instead of just leaving that trash off the platform, they’re fighting for it.

What Americans tend to refer to as “fraud protection” is charge back policies, where the payment processor acts as Content Police and revert transactions if they hear the vendor was unfair to their customer (and they usually are on the side of the customer).

My EU bank won’t do that even on my credit card, because it’s insane that one would expect a financial institution to be judge, jury, and executioner in the case of a disagreement over legal services rendered.

Americans have to own up to the uncomfortable fact that dependence on these policies is what keeps the big credit cars companies in power, on top of severely driving up consumer prices (unfairly weighted towards the rich of course who get cashbacks thanks to the obscene money Visa makes on their enormous transaction fees) and being incredibly unfair to small vendors who don’t have the means to meaningfully dispute fraudulent chargebacks.

Or, even worse: At the whims of the president

It would be a convenient way to bypass having to pass legislation, allowing more consolidation of power in the executive branch

… Exactly why I can’t stand that platform. Instead of just leaving that trash off the platform, they’re fighting for it.

This is the start. Mastercard and Visa will soon block you from other content like movies and music (if it’s explicit) and books.

They are at the whims of religious extremists.

Wait, where in the world does that happen?

…don’t tell me that in the US if someone has your banking details they can do literally anything they want, and just empty your account

So what do you do to set up automatic payments or buy something online where chips cannot be read? Do you get a notification to approve the transaction every time? It sounds more like you’re just ignorant as to how open these systems still are to abuse…

… Exactly why I can’t stand that platform. Instead of just leaving that trash off the platform, they’re fighting for it.

Yes. Every purchase I do has two-factor authentication

If I do automatic payment, I need to set it up manually and also set a custom limit of how much is allowed to be pulled. I also typically get a notification every time an automatic transaction is planned to occur

Yes. Every purchase I do has two-factor authentication

If I do automatic payment, I need to set it up manually and also set a custom limit of how much is allowed to be pulled. I also typically get a notification every time an automatic transaction is planned to occur

“Regular” SDDs can only be done within 5 business days apparently. Not that I would know, my bank certainly doesn’t offer a magic money back button to their private customers, and as I remember it my contract only allows transaction reversal in case of identity fraud, basically.

As far as I can tell, SDDs are a B2B-oriented tool that can only be initiated in particular circumstances such as a merchant being unable to fulfill an order altogether – i.e. when the legal case for a breach of contract is so unambiguous that it isn’t worth either party’s time to go to court. That’s very different from the American thinking of “my hotel room wasn’t as clean as I like it so I’m going to do a chargeback because that’s my Visa-given right”.

Two factor how? Some would argue a CVV is a second factor, which is actually used in the US.

(I don’t ask to be combative but to clarify the differences. I would not call a CVV true two factor)

… Exactly why I can’t stand that platform. Instead of just leaving that trash off the platform, they’re fighting for it.

…just use USDC or Tether?

Stable to the dollar, no need to alter prices, quick, cheap to send, on multiple chains for more options.

Yeah, so it’ll never happen.