![]() Insurance is a gambling game, the insurance company is betting they'll pay out less than the insured has in claims. As far as merchandise goes they simply "write off" any loss of products in whatever form (shoplifting, credit card fraud, bad checks, damaged, etc.) in the retail industry we call this "shrink." In that aspect you are correct. Yes accidental liability insurance for legit (or less than legit) accidents. There is so much wrong with that comment that I don't even know where to start.įirst of all, most retailers do not have "insurance" that covers fraud. Certainly the insurance companies don't want it to change because then nobody would buy the insurance. Yes, some people get away with buying stuff that nobody ever pays for, but the merchant is covered by insurance so they lose nothing. Why would it? It doesn't really affect anyone except the cardholder who has to get a new card with a different number. I do not see this situation changing, ever. Well, I guess you would need to call it "borrowed" because they really haven't stolen anything - just made a copy.Īnd nobody is ever prosecuted for this sort of stuff, unless you do something wild and crazy with a million credit card numbers. So it is important for things to be as easy as possible for people getting stuff with stolen credit card information. For everyone but the merchant it is meaningless and the merchant just has insurance to cover their losses due to fraud. You see, in the US the card holder, the card issuer and the card organization (VISA or MasterCard) don't care about fraud. Great for validation but it sucks for the folks trying to use stolen credit card information. I suspect the store isn't sending the code but the card issuer. So someone comes in with a re-striped card without a PIN and they are going to be able to pay just like I can. ![]() No PIN exists, so what are they going to do? Telling me to go away is not a winning strategy. ![]() One obvious fallacy is if I (from the US) come in with my PIN-less credit card and want to make a purchase. This is clearly not really the case, although you might think it is. The first time was February, the second time was yesterday. I know this works, because my CC info has been stolen twice in the last year and used to make cloned cards (the cloned cards were used at a brick-and-mortar store which is how I know the card was physically cloned). No need to emboss or even disguise the card. Use cloned card at self-checkout, gas pump, or other unattended POS system. Granted, this requires making purchases in person, so you're subject to video surveilance for anyone who REALLY wants to come after you, but since you can repeat this process, it's essentially a use one, throwaway kind of thing.Ģa: Burn numbers into some other magnetic card (even a customer loyalty card will work, so I'm told). You don't need the security code for purchases made in person, and if you're doing this in person, you can probably speculate what the zip code is for the few places that even ask for that. 99% of all retail employees will not look twice at the card. Step 2: Burn semi-realistic magnetic card with CC data. ![]() Not sure about whatever tech they use for the contactless style ones, but here's what I'm thinking: Okay, you couldn't use it for online purchases, but at a brief glance, you can get magnetic card encoders for 150+ USD.
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