As someone else has noted, the current financial system is broken. Run
by companies who limit innovation and security to improve their profits.
It is also heavily balkanized. Transferring funds across systems and
across borders is expensive and slow. Credit/charge cards are > 50yr old
technology. WTF?
I have hope that a decentralized scheme like Bitcoin will either triumph
or force the incumbents to up their game.
-Pete
On 2015-02-02 14:08, Adam Levin wrote:
I remember Private Payments -- used it all the time. Too bad they did
away with it.
Nowadays, I have a different problem. One of my kids plays an
Internet game based in France. I'm in the US. Every time she tries
to buy game stuff, the card gets flagged. Every. Time.
AMEX won't let it through regardless, even when I ask them to. Visa
is better, but I still have to call a special number to let them know
it's legit. About 50% of the time (yes, I'm keeping track), they tell
me they don't even see the charge, and they want to call the game
company because they think something's wrong with the actual charge
processing. However, when we call back and get someone else, we are
able to get them to put it through. The gaming company is using a
French bank as the payment processor, so it's not even the game
company. It's a lost cause -- what a hassle. It's nice that they're
trying to prevent fraud, but if they make it too difficult to actually
make purchases, that goes too far in the other direction.
-Adam
On Mon, Feb 2, 2015 at 4:15 PM, <berg...@merctech.com> wrote:
In the message dated: Mon, 02 Feb 2015 11:46:28 -0800,
The pithy ruminations from David Lang on
<Re: [lopsa-discuss] NIce Fraud alert system - American Express>
were:
=> On Mon, 2 Feb 2015, Peter Loron wrote:
=>
=> > Yep, AMEX is usually pretty on the ball WRT fraud.
That's been my experience too.
=> >
[SNIP!]
=> >
=> > The EMV isn't perfect, but it does reduce fraud.
=>
=> Does it make any impact on online/phone purchases?
+1 to AMEX for fraud detection.
-100 to AMEX for online/phone purchase fraud prevention.
Many years ago, AMEX used to offer (free!) virtual credit card
numbers
called Private Payments. These were good for one-time use, with a
capped-maximum and 30-day validity. The "card" could be generated
on-demand after logging into the AMEX site. This was a terrific way
to
handle on-line purchases. Then they dropped the service.
Mark
=>
=> David Lang
=>
--
Mark Bergman
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