This is scary - bad actors - credit card scams

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  • Dave2002
    Full Member
    • Dec 2010
    • 18009
    #1

    This is scary - bad actors - credit card scams

    Indeed this doesn't look good....

    Two-Card Monte: Why Mastercard And Visa Rarely Shut Down Scammers Who Are Ripping Off Consumers
    https://www.buzzfeednews.com/article/rosalindadams/mastercard-visa-fraud
    The global credit card rivals maintain a strikingly permissive relationship with companies that have been accused of fraud. For one of Mastercard’s top executives, that relationship went even further. A BuzzFeed News investigation.


    Assuming it's not just fake news, that is.
    Tags: None
  • ahinton
    Full Member
    • Nov 2010
    • 16122
    #2
    Originally posted by Dave2002 View Post
    Indeed this doesn't look good....

    Two-Card Monte: Why Mastercard And Visa Rarely Shut Down Scammers Who Are Ripping Off Consumers
    https://www.buzzfeednews.com/article/rosalindadams/mastercard-visa-fraud
    The global credit card rivals maintain a strikingly permissive relationship with companies that have been accused of fraud. For one of Mastercard’s top executives, that relationship went even further. A BuzzFeed News investigation.


    Assuming it's not just fake news, that is.
    I don't believe that it is.

    Comment

    • french frank
      Administrator/Moderator
      • Feb 2007
      • 30255
      #3
      Originally posted by Dave2002 View Post
      Indeed this doesn't look good....

      Two-Card Monte: Why Mastercard And Visa Rarely Shut Down Scammers Who Are Ripping Off Consumers
      https://www.buzzfeednews.com/article/rosalindadams/mastercard-visa-fraud
      The global credit card rivals maintain a strikingly permissive relationship with companies that have been accused of fraud. For one of Mastercard’s top executives, that relationship went even further. A BuzzFeed News investigation.


      Assuming it's not just fake news, that is.
      I was wondering - and reading on through the story answered my query: it's the banks which underwrite the card transactions who stand to make losses. Why aren't they the ones to be taking action?
      It isn't given us to know those rare moments when people are wide open and the lightest touch can wither or heal. A moment too late and we can never reach them any more in this world.

      Comment

      • Dave2002
        Full Member
        • Dec 2010
        • 18009
        #4
        Originally posted by french frank View Post
        I was wondering - and reading on through the story answered my query: it's the banks which underwrite the card transactions who stand to make losses. Why aren't they the ones to be taking action?
        That's the extra bad news - as I understand it. The card companies know that these guys are bad, but they don't call them out because they make a percentage. In the meantime innnocent - though possibly very gullible - people lose out. Yuk!

        Some of the losses may be underwritten by banks - but many are "underwritten" by unfortunate punters.

        Comment

        • muzzer
          Full Member
          • Nov 2013
          • 1190
          #5
          This is disgusting. What do these people tell their kids about how their school fees are paid? Pre perma-connectivity it would have been clearer who was dealing off the back of a lorry, for example.

          Comment

          • Dave2002
            Full Member
            • Dec 2010
            • 18009
            #6
            Originally posted by muzzer View Post
            This is disgusting. What do these people tell their kids about how their school fees are paid? Pre perma-connectivity it would have been clearer who was dealing off the back of a lorry, for example.
            They probably tell them that the "punters" deserve to be fleeced for being stupid!

            Comment

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