Why Credit Card Fraud Hasn't Stopped In The U.S.

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  • Опубліковано 15 січ 2025

КОМЕНТАРІ • 1,8 тис.

  • @JVNFM
    @JVNFM 4 роки тому +881

    Just putting a password on the card, it is absurd for a waiter to take your card away from you and make the payment without the presence of the cardholder, this only happens in the USA.

    • @sn5301679
      @sn5301679 4 роки тому +76

      Wow is that real?
      Not only they need to tip the waiters they also doing that?

    • @godfather_Gb
      @godfather_Gb 4 роки тому +16

      That's crazy ,

    • @Alexander_l322
      @Alexander_l322 4 роки тому +50

      Well that’s just stupid if you let someone else no matter who they are walk away with your credit card for any reason. You never hand it over and if you need to go somewhere to pay then you follow the waiter and make the payment yourself once they’ve put the amount in the machine.

    • @JVNFM
      @JVNFM 4 роки тому +89

      @@sn5301679 Yes, the waiter brings like a folder with the invoice you put the card and they take it to the cashier to make the payment and bring it back to your table, anywhere in the world the waiter brings the Credit Card Machine to the table to the customer making the payment, don’t even tell me about the tips, there’s a 30% tip in NY is absurd.

    • @JVNFM
      @JVNFM 4 роки тому +46

      @@Alexander_l322 Exactly I do this, but I do it because I am a foreigner because everyone in the USA lets the waiter take the card, anywhere in the world the waiter brings the Credit Card Machine to the table to make the payment, in relation to the amount that the waiter will charge, you can check it because he will bring the payment receipt for you, but he can take pictures of your card and get all your data or use a machine that will clone your card this is the problem

  • @TusharChatterjeeJishu
    @TusharChatterjeeJishu 4 роки тому +557

    You can't have the cake and eat it too. A 20 second "inconvenience" through 3D-secure pin is far better than a 20 week harrowing chargeback request. Be smarter America.

    • @Anne.411
      @Anne.411 4 роки тому +10

      Thars common sense.. Tthey dont work in that fashion.. its only ass backwards thiking allowed

    • @TransitAndTeslas
      @TransitAndTeslas 4 роки тому +1

      Apple Pay

    • @sn5301679
      @sn5301679 4 роки тому +31

      American: somehow it violate our FREEDOM!

    • @Vlad2319
      @Vlad2319 4 роки тому +6

      @@sn5301679 it actually kind of is, banks can freeze your account for months when the fraudulent charge is found. Many businesses hate letting employees change direct deposit information, unless the ability to do so is online. Fraud often puts the victim on the line for the fraudulent charge(s).

    • @JoePolaris
      @JoePolaris 4 роки тому +7

      Apple/Google have made 2FA so easy , you don’t even have to type , have we become so complacent to type?

  • @nestor.valentino
    @nestor.valentino 4 роки тому +559

    Narrator sounds like watchmojo lady

    • @tinzalix8624
      @tinzalix8624 4 роки тому +6

      @Kate Simpson yeah, that makes sense

    • @DNautSun
      @DNautSun 4 роки тому +24

      @Kate Simpson Guess shes movin on up huh? Im proud of her.

    • @Abdulaziz2003
      @Abdulaziz2003 4 роки тому +5

      @Kate Simpson really?? how do you know?

    • @brandonmaciel1176
      @brandonmaciel1176 4 роки тому +15

      12:48 “Narration by MacKenzie Siaglos” I don’t think it’s her.

    • @johngablesmith4671
      @johngablesmith4671 4 роки тому +5

      I immediately recognized MacKenzies voice.

  • @PatNeedhamUSA
    @PatNeedhamUSA 3 роки тому +98

    The fact that the credit card companies don't offer consumers a "two-factor authentication" to authorize purchases is a disgrace.

    • @ThePeterDislikeShow
      @ThePeterDislikeShow 2 роки тому +18

      Because they make more money than lost due to fraud. Same reason Walmart will let you shoplift from self-checkout, it's cheaper than paying a cashier.

    • @hepotiricly
      @hepotiricly 2 роки тому +3

      its not as simple as you think

    • @EconomicWarfare
      @EconomicWarfare 2 роки тому +2

      They do and it's still a crazy amount of fraud.

    • @officialflorint
      @officialflorint Рік тому +3

      They do. It’s called AMEX safekey, verified by visa, etc

    • @officialflorint
      @officialflorint Рік тому +3

      Also, it’s annoying and takes longer

  • @protoss972
    @protoss972 3 роки тому +195

    US : why do we have so much fraud?
    The world: did you implement 3d secure?
    US: why do you want to add an extra step on my shopping cart I'm too lazy for that
    The world: you get what you deserve murica...

    • @jgodbolt94
      @jgodbolt94 3 роки тому +3

      sink or swim. and swimming means too much friction!

    • @doovde82
      @doovde82 3 роки тому +9

      3D secure is implemented by many banks in the US... and as someone who worked in a fraud department, it never stopped fraud

    • @shaggydawg5419
      @shaggydawg5419 3 роки тому +5

      ​@@doovde82 3D secure reduces fraud. It does not eliminate it. Anything that can help to reduce fraud is worth to implement.

    • @IronIsKing
      @IronIsKing 2 роки тому

      @@shaggydawg5419 Alot of websites dont use 3d secure. Hell even amazon doesnt use it to make it "streamlined" for the consumer, so its definitely not a surprise that there is alot of fraudulent purchases on amazon

  • @Anheuer
    @Anheuer 4 роки тому +41

    This this adds to the stupidity of the US.. just use 3D secure.. its basically MFA for your payment, you have a smartphone. But no.. we want to buy with only ONE click, not Two! Two clicks would require burning twice as many calories.

    • @Ron-oe7hg
      @Ron-oe7hg 4 роки тому +1

      Hahahahahaha damn i haven't laughed in a long time. Thanks!! I wonder why they dont wanna do it?

    • @googlemail4241
      @googlemail4241 4 роки тому

      Basically never works for me.

    • @sjneow
      @sjneow 4 роки тому +3

      @@Ron-oe7hg merchants are pushing against it. An additional PIN would deter a lot of impulse purchases.

    • @yuvananda
      @yuvananda 4 роки тому +1

      India kinda solved both. No MFA required for payments upto Rs. 5000 (~70 USD) per transaction, anything more requires either OTP or 3D Secure Pin. So this arrangement enables all the small ticket purchases like Restaurant, Fuel, Grocery or Utility bills to be friction free as well as being secure enough for big purchases. In case of card lost or stolen the maximum i stand to lose is 70$. A win-win for all

    • @OutOfNameIdeas2
      @OutOfNameIdeas2 4 роки тому +2

      I mean they need their obesity records. They can't afford to burn calories, they would rather get scammed.

  • @masterray4
    @masterray4 3 роки тому +234

    CNBC needs to stop getting "experts" who use their laptop's built in mic

    • @tawannasteele4534
      @tawannasteele4534 3 роки тому +12

      Frfr...smh.

    • @reigon7472
      @reigon7472 3 роки тому

      Yeap.. Buy a headset you cheap idioto

    • @LibaaxTopG
      @LibaaxTopG 3 роки тому +6

      Why buy one when your mic is not broken? Can you hear the speaker?

    • @editors4awareness81
      @editors4awareness81 3 роки тому +1

      These people in the video aren't experts, one of them is a victim of credit card fraud.
      But I understand what you mean. It can be annoying but they use experts for a reason LOL.

    • @mikeceballos7023
      @mikeceballos7023 3 роки тому

      I just got my credit fixed with the help of Hackergold02 on instagram I had a very good experience with those guys. They were very easy to communicate with and did a good job in settling my debt.I would definitely recommend then to anyone needing help with debt settlement and excellent credit repair, thank you Jesus Christ for the help

  • @shankysays
    @shankysays 4 роки тому +123

    US: we have card fraud.
    Also US: Security adds friction to shopping experience.
    11:20

    • @dxkaiyuan4177
      @dxkaiyuan4177 4 роки тому +8

      Yeah every other country i know of requires PIN during chip purchase. Otherise if its small purchase just tap. Oh wait, the US still hasn't caught up to contactless? RIP

    • @tmacthaskydiver8310
      @tmacthaskydiver8310 4 роки тому +2

      @@dxkaiyuan4177 I'm not sure where you're getting your information. You need a PIN for debit purchases with credit there is no PIN. They usually check ID with big credit purchases but they use fake ones.

    • @tmacthaskydiver8310
      @tmacthaskydiver8310 4 роки тому +2

      @@dxkaiyuan4177 and we've had contactless payment for awhile, not that that was relevant to the video or your point. Also if you watched the video you'll know a lot of the fraudulent purchases don't even use a physical card just all the victims information over the internet.

    • @gregorygant4242
      @gregorygant4242 4 роки тому

      What fraud , there's no evidence for fraud , where is the evidence?
      Nothing to see here, business as usual. The Democratic Party Of The US .er, um ,sorry , the credit card issuers !

    • @IONVIBES
      @IONVIBES 4 роки тому

      Pin takes forever. This time adds up and costs business customers. The odds of my card being stolen isn’t high enough for me to care.

  • @yuehuang3419
    @yuehuang3419 4 роки тому +91

    As video said, the company who have the power for change aren't incentivize to change.

    • @kcgunesq
      @kcgunesq 4 роки тому +14

      Its more than that. In the US at least, it appears no party has any real incentive. The consumer very seldom loses anything other than time, so most cardholders don't really care. The merchants and banks have all done the calculus and decided that any additional friction will simply result in lower profits that are greater than the losses to fraud. So they don't really care. Sure, they system could work better, but for all parties involved, it works good enough.

    • @hellothere4858
      @hellothere4858 4 роки тому +3

      @@kcgunesq ah the "it works well enough" solution

    • @kcgunesq
      @kcgunesq 4 роки тому

      @@hellothere4858 Well sort of. More like "is the juice worth the squeeze?" Put another way, it is possible to put the entire electric grid underground. No more clutter, far fewer storm outages, etc. But are you willing to pay an electric bill that is 10x your current bill.

    • @ChazAllenUK
      @ChazAllenUK 4 роки тому

      I imagine no one party wants to take on the entire cost to fix just to eliminate their fraction of the cost of fraud.

    • @Anewuser_6282
      @Anewuser_6282 4 роки тому

      The losses are passed on to the consumer

  • @benjaminyork3161
    @benjaminyork3161 4 роки тому +135

    I feel like they are blaming the victim too much here: "People are not careful enough with their payment information". Just like card present fraud being nearly solved with modern tech there is plenty the banks and credit card merchants can do to fix online fraud.

    • @rayfong88
      @rayfong88 4 роки тому +1

      Ppp

    • @jorgeantoniotorrico7105
      @jorgeantoniotorrico7105 3 роки тому +2

      American banks are just too afraid of implementing new tech and most people just stop spending as much as they do now

    • @jamesbill9270
      @jamesbill9270 3 роки тому

      There might be fake ones out there but real one do exist contact *@Darkearlsimmons* on *telegram* he is the real vendor, I got my cc with high balance from him yesterday 🙏

  • @kuvjason7236
    @kuvjason7236 4 роки тому +114

    It hasn't stopped because it makes companies $$$$$

    • @markjohnson8602
      @markjohnson8602 4 роки тому +7

      exactly!!

    • @Janthefan
      @Janthefan 4 роки тому +16

      It doesn’t because they usually pay for it

    • @yungred4135
      @yungred4135 4 роки тому +5

      @@Janthefan insurance

    • @ninoskaramosmiguel9704
      @ninoskaramosmiguel9704 4 роки тому

      @@Janthefan you live in the mountains and you just came to city?

    • @Janthefan
      @Janthefan 4 роки тому +8

      @@yungred4135 well someone is paying for it and it’s not the consumers so nobody cares about fixing the issue. There’s a lot of fraud within users themselves too - it’s so easy to call up Amex and complain about a purchase just to get credited instantly.

  • @cloudybrains
    @cloudybrains 2 роки тому +16

    Credit cards are designed from the ground up to facilitate fraud. You literally couldn't come up with a less secure way to pay for things even if you tried to. Banks could end 99% of credit card fraud overnight, but it's not in their best interest to do so.

    • @takiller237
      @takiller237 Рік тому +1

      I’m curious about this. Could you give an example?

  • @CTOInformation
    @CTOInformation 4 роки тому +47

    Credit card itself is a fraud.

    • @ArthursHD
      @ArthursHD 4 роки тому +2

      :D It is, in a different way. Debit card with web payments enabled is vulnerable to this as well.

    • @mellowvibez2185
      @mellowvibez2185 4 роки тому +2

      At least with credit cards if they steal money it isn’t yours

    • @angelgjr1999
      @angelgjr1999 4 роки тому +1

      I have a credit card but I literally only use it for gasoline because I get 3% back. I pay it in full every month.

    • @zhaow4832
      @zhaow4832 4 роки тому +1

      Its not a scam. people are just not financially literate/ responsible.

    • @andromeda9340
      @andromeda9340 4 роки тому

      How?it's not that difficult to use.just spend the amount of money you can seriously pay back in full.thats literally it.you can always cancel the card and get another one if it's stolen or something since they "money" isn't yours.👍

  • @albanduro4278
    @albanduro4278 2 роки тому +100

    Bitcoin is the future, investing in it now will be the wisest thing to do especially with the current rise in bitcoin

    • @futurnekedesin9172
      @futurnekedesin9172 2 роки тому

      @Danlami Mairiga You're right I think stock and Crypto are the best to invest right now

    • @samsoncyrilvermeersch8199
      @samsoncyrilvermeersch8199 2 роки тому

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      @louranterlius9515 2 роки тому

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      @larsvermeulen4184 2 роки тому

      @@louranterlius9515 Trust me he's awesome!

    • @larsvermeulen4184
      @larsvermeulen4184 2 роки тому

      I just cashed out $36,590 this morning with an investment of $4,500. I think I'll be hitting millions soon

  • @beyblade3331
    @beyblade3331 4 роки тому +228

    Just setup a One time password to phone or Mail for every card transaction.

    • @ericreviews6046
      @ericreviews6046 4 роки тому +17

      Trust me it’s not enough.

    • @SebastianTheGreat
      @SebastianTheGreat 4 роки тому +53

      I make all my payments by carrier pigeon

    • @jeanp.5929
      @jeanp.5929 4 роки тому +34

      @@SebastianTheGreat I'm gonna get my hawk to swoop up your pigeon from the air. You'll never know what happened to any of your transactions.

    • @JVNFM
      @JVNFM 4 роки тому +16

      @@ericreviews6046 works in the rest of the world except in the USA

    • @einfachnurleo7099
      @einfachnurleo7099 4 роки тому +7

      TOO MUCH FRICTION. PEOPLE CAN`T DEAL WITH IT!

  • @kartikkaushik9811
    @kartikkaushik9811 4 роки тому +45

    ASMR: CNBC convinces everyone to commit credit card fraud

    • @binarysignals9593
      @binarysignals9593 4 роки тому

      Timo the moooon!

    • @eiusheeousyd4506
      @eiusheeousyd4506 3 роки тому

      I bought some credit card from *easyhacker137* on telegram and it was real and all his card were valid💯✅

  • @pritishpatil7659
    @pritishpatil7659 4 роки тому +84

    Start using PIN numbers/OTPs, as we do in India.

    • @MoneyR236
      @MoneyR236 4 роки тому +2

      @Noam Musk usually chargebacks happen and the business loses the money to the fraud even if product/service is consumed

    • @christopherliang6879
      @christopherliang6879 4 роки тому +1

      Pritish Patil or QR code’s like China

    • @avinashpoojary4937
      @avinashpoojary4937 4 роки тому +1

      @@christopherliang6879QR codes are dangerous

    • @rajeshranjan5170
      @rajeshranjan5170 4 роки тому +4

      @@Farquad76.547 oh

    • @harshitgupta4238
      @harshitgupta4238 4 роки тому +3

      @@Farquad76.547 oh

  • @Larry93215
    @Larry93215 4 роки тому +26

    There's 6 dollars on my credit card don't spend it all in one place

    • @jathebest2835
      @jathebest2835 3 роки тому

      Mmm..nope..Imma grab your card and gonna spend it on buying some cans of energy drink in a small store without any security cameras..

    • @brooks5895
      @brooks5895 3 роки тому

      Be careful, it can lead to someone overdrawing your account which is another issue

    • @brooks5895
      @brooks5895 3 роки тому

      @bou path Argue that with the bank.

  • @starboysuniverse9956
    @starboysuniverse9956 4 роки тому +110

    Friendly Fraud mentioned: Robux kids have left the chat

  • @Mu51kM4n
    @Mu51kM4n 4 роки тому +25

    I had credit card fraud on at least 3 separate occasions in the past. Since then I've been very meticulous. My credit card allows me to set alerts for purchases over a certain amount of money. I set that amount to $0.01 which means every time I make a purchase with my card, I get an alert within a minute of the purchase. I keep very close track of all those on a daily basis. I'm also more careful about where I use my card online. Being proactive is the only way to fight this right now.

    • @kingofmariokart64
      @kingofmariokart64 3 роки тому

      Same, someone has me pinned and Ive had to change my debit card 3 times. I just have had enough of it so now I'm going to use cash only and reserve my debit for bills. I watch it like a hawk everyday.

    • @EricRedbear
      @EricRedbear 2 роки тому

      I have mine set to do push notification, text, and send to 2 email addresses so it's bloody unlikely I WON'T know when a charge occurs. Definitely helps when I travel internationally and might be on a different SIM card for 2-3 weeks. I also register vacation alerts so the card companies don't accidentally flag fraud and lock the card.

    • @manny7886
      @manny7886 6 місяців тому

      Same here.

  • @sportsMike87
    @sportsMike87 4 роки тому +64

    Unfortunately there are a lot of scum bag people who do it

    • @tomlxyz
      @tomlxyz 4 роки тому +1

      Eves scam that's possible will be used by someone

  • @jeanp.5929
    @jeanp.5929 4 роки тому +29

    I was a victim of credit card fraud in 2013. It hasn't happened since. I check all of my credit card transactions at the end of every week. I make sure I know exactly where my money is going.

    • @Lydia6777
      @Lydia6777 4 роки тому

      Why such a tough job, in Malaysia when ever there is a purchase happen there will be an SMS send to our phone in most cases..

    • @LionHeartSamy
      @LionHeartSamy 4 роки тому +3

      You might want to check with your bank whether they have services that send you a notification whenever your card is used. I recently switched over to a new bank, and had to look for the settings, which by default only alerts me when a certain amount of money is transacted, but I just changed them to bother me whenever anything happens lol

    • @manny7886
      @manny7886 3 роки тому +2

      I set all my CCs to send me an SMS alert anytime there's a transaction greater than
      One cent.

    • @angelachanelhuang1651
      @angelachanelhuang1651 2 роки тому

      nothing like family in American laws

    • @user-em2hz2pb6p
      @user-em2hz2pb6p 2 роки тому

      Just buy from 🔝🔝 he's worked and he's honest
      I got my cc order from 🔝🔝 and cc worked💲💳

  • @Dahrenhorst
    @Dahrenhorst 4 роки тому +61

    In Europe we have two-factor-identification now. Thus, you do not only need the credit card data, but you also need the smartphone of the rightful owner of those credit card information to steal with/from that credit card. That someone has both, the credit card data and the corresponding smart phone, is very, very slim, resulting in credit card fraud becoming more and more an non-issue in Europe.

    • @willdeeny9477
      @willdeeny9477 4 роки тому +4

      Biggest fraud is the banks themselves, not the people taking pennies through credit card fraud

    • @santhoshramgunasekaran7050
      @santhoshramgunasekaran7050 3 роки тому +4

      Same in India, we recieve a one time password.

    • @porcorosso4330
      @porcorosso4330 3 роки тому +2

      Actually most european banks/credit card company is using that line of reasoning to deny fraud cliams. It has become more difficult than it should be for customers to report fraud.

    • @robinsonham8385
      @robinsonham8385 3 роки тому

      Can't express how grateful and happy I am right now... Its down to you guys that recommended LegitCardPlug on telegram. A very reliable vendor I've worked with. Love him..

    • @Jenny-tm3cm
      @Jenny-tm3cm 3 роки тому +5

      What happens when you don’t have a smartphone?

  • @talismanjr
    @talismanjr 4 роки тому +33

    all the scammers right now: 👁💧👄💧👁 **who snitched**

  • @giuseppenero110
    @giuseppenero110 4 роки тому +65

    If 80% is "friendly" fraud, wtf are we talking about here?

    • @Gwrightproductions1
      @Gwrightproductions1 4 роки тому +9

      It's like friendly fire. It's self inflicted fraud. For example, when your child spends money on in-game videogame purchases, or you made an accidental purchase.

    • @deshawnwilliams9932
      @deshawnwilliams9932 4 роки тому +1

      Idiot

    • @jakobshipstad5466
      @jakobshipstad5466 4 роки тому +1

      @@deshawnwilliams9932 i support this message

    • @sarcasticscapegoat5995
      @sarcasticscapegoat5995 4 роки тому +4

      After the fraudster takes you for all your cash they call you up to thank you afterward and send you a fruit basket.

    • @tatotenaglia6548
      @tatotenaglia6548 3 роки тому

      @@jakobshipstad5466 same

  • @Richard.Cabeza
    @Richard.Cabeza 4 роки тому +45

    My credit card has a Lock Card feature. It takes some getting used to, but I keep mine locked until just before I use it and then lock it right after. This feature should be easier to access on bank apps.

    • @supinthiam5741
      @supinthiam5741 3 роки тому +3

      🤣🤣🤣🤣

    • @daviedood2503
      @daviedood2503 2 роки тому

      Yeah..that's a huge inconvenience to too many people. Lots of people doing that will hold up the line and make too many people angry. Takes too long. People pay for CONVINCE, not hassles. At that point, you're just better off using cash then...

    • @daviedood2503
      @daviedood2503 2 роки тому

      @random Person folks ain't trying to do all that crap. Then u gotta wait and all that hell naw. 😂 that's why too many folks ain't fn with all that. If somethin happen, they just call and make a claim and done deal. They ain't gotta pay for it anyways. Trying to lock and UNLOCK stuff especially while ur on the phone with someone, or ur boss, or txtn someone etc is annoying. U do it if u want. Damn all that

    • @daviedood2503
      @daviedood2503 2 роки тому

      @random Person it already is one. A horrible cumbersome one at that.

  • @LuisDanielMoralesPreza
    @LuisDanielMoralesPreza 4 роки тому +75

    I'm from Mexico and I have a virtual card that change every 5 minutes for purchase online.

    • @Sant270
      @Sant270 4 роки тому +12

      Me too, I use "Privacy" an app that give you a virtual card that you can pause and it give you one card for each merchant and you limit the amount of money that can be used. Saludos.

    • @del.see.oh.89
      @del.see.oh.89 4 роки тому +1

      Same. I'm in the US.

    • @I-Know-Best
      @I-Know-Best 4 роки тому

      @@Sant270 yeah privacy is nice

    • @ChinooCochino
      @ChinooCochino 4 роки тому +3

      This is better info than what’s on redit 😅😅

    • @kingspina1781
      @kingspina1781 4 роки тому +3

      How do you do that?

  • @joesterling4299
    @joesterling4299 4 роки тому +8

    8:39 - I'm not sure what he's complaining about. Credit-card fraud protection is nearly absolute in the US, by law. The most it can cost the victim is $50 per credit card involved, and that is so insignificant that it usually gets waived as a PR gesture by the credit companies. This is THE reason to always use CCs instead of debit whenever possible in online transactions.

    • @moein2173
      @moein2173 Рік тому

      I heard that 3d Secure is not Required for Small Transactions like 20 or 30 Bucks is That Right?

    • @F6Pr5cqFQ7
      @F6Pr5cqFQ7 4 години тому

      @@moein2173 Is not required for small recurrent transactions or some low risk transactions like a vending machine. Is like Netflix, you don't have to validate your transaction every month. However, if a merchant want's to claim a low risk transaction, and then is a fraudulent one, the merchant is liable unless they can prove wrong. Normally what it's done is validate the first month and then not validate the rest. If customer claims, you have the results of the validation of the first month (or whenever changes the card on file)

    • @F6Pr5cqFQ7
      @F6Pr5cqFQ7 4 години тому

      I don't own a credit card in EU, and they're not commonly used. The protection is same, and because by law the fees in transactions are limited to 0,02% 5 € cents top, there's weirdly cashback or fly miles. They just don't make sense unless you want to finance something specifically.

  • @catalan500_8
    @catalan500_8 4 роки тому +33

    Title makes it sound like card fraud isn’t a problem in other countries

    • @Hepsewind
      @Hepsewind 4 роки тому +18

      In places like Europe debid cards are way more widely used and when using them online you usually have to go thought your banks website and use a physical authenticator

    • @merrymachiavelli2041
      @merrymachiavelli2041 4 роки тому +1

      Exactly! The video vaguely touches on it at 4:40, but there isn't a direct comparison to other developed economies?

    • @muhdbilal4546
      @muhdbilal4546 4 роки тому +4

      it is being very easily done in us because the security is not that tight and there are a bunch of small banks in us than in any other countries. Another thing is that, with the help of a cc it is very easy to make a transaction in 2D sites where otp is not needed while making the purchases.

    • @JoePolaris
      @JoePolaris 4 роки тому

      The larger question , why do we need it , and why it’s so prevalent in the USA ?

    • @steffenscheibler5849
      @steffenscheibler5849 4 роки тому +2

      Well, it is a lot, lot harder to do with most European cards at least.
      But I agree, its a global problem. The issue in the US is relatively large number of cards with low security and a high-wealth nation. An excellent situation for fraudsters to exploit...

  • @RishabhParakh04
    @RishabhParakh04 4 роки тому +48

    There is a simple solution - require an OTP! That works in India and many other countries very well as a 3FA

    • @jt8778
      @jt8778 4 роки тому +3

      we just want one click then its done.

    • @benjaminyork3161
      @benjaminyork3161 4 роки тому +5

      It could be OTP built into the phone. You can already use your Android phone for 2FA on some sites like Google.

    • @supportmytroups7
      @supportmytroups7 4 роки тому

      OTP will make customers go to a company that doesn’t have it because it’s annoying. They’ll end up losing more money

    • @RishabhParakh04
      @RishabhParakh04 4 роки тому

      @@supportmytroups7 Yes, so which is why it must be made mandatory by the regulatory authority

    • @Gnnesh
      @Gnnesh 4 роки тому

      @@RishabhParakh04 Did you even watch the video?
      There is no incentive for anyone to use OTP. These type of frauds are not bad at all. The consumers are protected anyways so its not a big deal.

  • @ingokramer4415
    @ingokramer4415 3 роки тому +127

    I pray whoever reads this should become successful. keep l for success. the rich stay rich by spending like the poor and investing why the poor stay poor and be spending like the rich yet not investing. Roar! Invest earn and be successful.

    • @micheleserra2881
      @micheleserra2881 3 роки тому

      Success is about focusing Your energy on what creates results and using what you already know

    • @micheleserra2881
      @micheleserra2881 3 роки тому

      That feelings of being able to spend as much money on pointless stuff is the ultimate goal in life

    • @christianjenssen6714
      @christianjenssen6714 3 роки тому

      Investing is good but it's up to you to get pass those fears and trust yourself to invest in a life changing mastermind.

    • @christianjenssen6714
      @christianjenssen6714 3 роки тому

      Investing in bitcoin is another way of ensuring steady cash flow, I have been earning every week for a year now.

    • @harrywealth2054
      @harrywealth2054 3 роки тому

      Crypto is a digital currency and the Most profitable investment of the new century

  • @aflyingducky
    @aflyingducky 4 роки тому +25

    listens to Teejay once

  • @mindibear
    @mindibear 4 роки тому +8

    Why aren’t more people using temporary virtual numbers for every online purchase? Once the transaction is complete you delete the number so in the event a hacker gets it all charges will be automatically declined. Seems like a no brainer.

    • @Vlad2319
      @Vlad2319 4 роки тому

      Depending on the site I just use a gift card.

    • @ChazAllenUK
      @ChazAllenUK 4 роки тому +2

      This is essentially the same as requiring an OTP, except you've made it your job to issue the unique number instead of the bank automating it

  • @kokibrawlstars725
    @kokibrawlstars725 3 роки тому +96

    Rashad - may I suggest you make procyberflip correlating this to the Chinese Credit Scoring System; you know, the system where an entire nation's people are enslaved by their government over systems exactly like this? We need people who have influence to bring to light these types of correlations to get people asking and thinking or we will see ourselves slip into a tyrannical nightmare.

  • @techguy651
    @techguy651 3 роки тому +11

    The “friendly fraud” thing makes me crazy! I happened to transpose the last two digits on my debit card over the phone and a transaction to buy a pizza went through. I didn’t notice the error until the next day. When I called the pizza place, I was essentially told that they didn’t care since the charge went through. When I called the credit union, I didn’t have an erroneous mistake to point at on MY account, so they couldn’t do anything either. I inadvertently stole from another person and there was no way to make it right. It was incredibly frustrating and it still keeps me up at night.

    • @LoveClassicMusic0205
      @LoveClassicMusic0205 2 роки тому +4

      I'm surprised it went through. Not only would the card number have to be valid, but so would the expiration date and the CVV. The odds seem really high that they would all match.

    • @angelachanelhuang1651
      @angelachanelhuang1651 2 роки тому +1

      someone took out a mortgage in a town I don't go to...and opened an account. I don't bank with this particular bank

    • @F6Pr5cqFQ7
      @F6Pr5cqFQ7 4 години тому

      In EU almost never you give someone your credit card number. All transactions must be aproved by pin or 3DSecure (PSD2), even phone ones or not customer present. Not aproved signature.

  • @JoePolaris
    @JoePolaris 4 роки тому +80

    Great report, one point , the discussion around how consumer information is monetized by all financial entities and credit bureaus, the lack of regulation around protection of consumers data is part of the problem, some entities entire business models revolve around “moneytizing “ our data. This is now how of control and needs to be part of the national discussion threads

    • @angelachanelhuang1651
      @angelachanelhuang1651 2 роки тому

      fight like a family....your debt is incurred and inherited by your family...this includes cousins...family counts

    • @user-em2hz2pb6p
      @user-em2hz2pb6p 2 роки тому

      Just buy from 🔝🔝 he's worked and he's honest
      I got my cc order from 🔝🔝 and cc worked💲💳

  • @valeenoi2284
    @valeenoi2284 3 роки тому +2

    In that Equifax hack, apparently 3 out of 5 of my cards were stolen. In 2018, in a span of 3 months, 3 of those cards were "physically" used in vicinity of where I live (radius of 7 to 18 miles). So they cards, which had chips, were copied and used.
    Every single time, it was a Card-Present illegal activity where the person was "testing" the waters see if I notice small purchases he/she/they were making. Stuff as low as $2.xx purchase at a vending machine, or at the gas pump for exact $60.00, or in the tourist area buying an ice cream.
    I have text alerts on all my cards, so literally a minute after each purchase, I was on the call with the respective fraud department, canceling the card. In all cases, they didn't charge me anything, and I got new card numbers.
    I compiled all these incidents and sent them to state attorney's office. NOTHING WAS DONE -- not even a call back or contact. And we pay these people not to do anything.
    The point is that these incidents were perpetuated by a "criminal organization". You don't get to hack a site, gain access to someone's cards, then have people "physically" go around the place where you live, testing it out see if you notice these illegal transactions by hiring foot soldiers and mules. If they don't care about large organized crime groups, what does the government care about? Big business, that's who. Don't tell me this was a victimless crime, as this money will come out of someone's pocket, and that pocket is eventually "YOU", the consumer.

  • @Hnnnghf
    @Hnnnghf 4 роки тому +19

    Why can't the US just establish some regulations to make 2FA mandatory for online transactions just like in Europe? Why?

    • @aymanhawari2589
      @aymanhawari2589 4 роки тому +1

      Money

    • @RunawayYe
      @RunawayYe 4 роки тому +5

      Well you heard the lady "the US customers are adverse to friction". Which is of course a total lie, what she said translates to "if a customer need to take an extra step to confirm their purchase, they may realize they don't really need the item, reconsider it, and cancel. and we don't want people spending less now do we?"

    • @Gnnesh
      @Gnnesh 4 роки тому +1

      you do not get it.
      If I am a merchant, (which I am btw), I lose more money by enabling friction at the checkout process due to fewer people buying from my site, than I would if I paid to all the people who file a chargeback against me.

    • @KennyakaTI
      @KennyakaTI 3 роки тому

      Muricans will complain of their freedoms being stripped. The word regulation and mandatory is taboo in this country.

    • @Gnnesh
      @Gnnesh 3 роки тому

      @@KennyakaTI more regulations === less GDP basically..... no wonder USA is #1 country.

  • @aritrabha
    @aritrabha 3 роки тому +8

    "Part of it is that we are a VERY rich country..." The most honest confession I have seen lately.... 🤣🤣

  • @kittyc-nyc
    @kittyc-nyc 3 роки тому +14

    And what's really messed up is that banks will protect large corporations with chargebacks. And if a small brand/ mom and pop shop tries to fight a chargeback, they lose almost every time. They pay for the entire amount, plus a $15 to 20 fee on top of everything.

    • @angelachanelhuang1651
      @angelachanelhuang1651 2 роки тому

      Wells Fargo allowed a mortgage loan open under someone else's name..How the hell did this happen?

    • @daviedood2503
      @daviedood2503 2 роки тому

      @@angelachanelhuang1651 many ways. 😂
      It could be a different name, dob, ss number, full ID with a different photo attached to it. The actual owner of the ss # is the one that takes the blow. They're faced with identify theft issues for the rest of their life.

  • @Kripto926
    @Kripto926 3 роки тому +78

    Successful people don't become that way overnight. What most people see at a glance wealth, a great career purpose is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life

    • @soniajorlie3455
      @soniajorlie3455 3 роки тому

      @Stinson Barney
      The best place to invest your money in at the current time now is on crypto.most people don't invest deu to ignorance

    • @yosoy2480
      @yosoy2480 3 роки тому

      @@soniajorlie3455
      Talking about been successful. I know I'm blessed if not I wouldn't have met someone who is as spectacular as Mr Slogan Harris

    • @yosoy2480
      @yosoy2480 3 роки тому

      @@soniajorlie3455
      he helped me recovered all I've lost trading by myself

    • @chrislynntsharaa8867
      @chrislynntsharaa8867 3 роки тому

      @@yosoy2480
      Yes I'm a living testimony Mr Slogan Harris

    • @mondharrison9113
      @mondharrison9113 3 роки тому

      @@chrislynntsharaa8867
      I have also experience his great work too, He's good in trading

  • @mylifeisamememylifeispathe3140
    @mylifeisamememylifeispathe3140 4 роки тому +41

    Someone made a big robux purchase on my card
    I’m not even mad maybe the kid needed it

    • @Larry93215
      @Larry93215 4 роки тому +7

      Roblox

    • @frankyflowers
      @frankyflowers 4 роки тому +4

      the terrorist organization that resold it to a kid needed it.

    • @brandonp2211
      @brandonp2211 4 роки тому

      You should be such a dumb game lol

    • @frankyflowers
      @frankyflowers 4 роки тому

      @mona vasu we just started allowing transformer athletes and military again maybe we are the great satan after all. im going to start playing that game and buy those cards

  • @AnnisAdventures
    @AnnisAdventures 3 роки тому +5

    The fact that I as an American have no idea of what 3D secure is, makes me sad

  • @btetschner
    @btetschner 3 роки тому +6

    It hasn't stopped because people understand the malicious nature of credit card companies, and probably feel justified at taking advantage of them.

  • @samushunter0048
    @samushunter0048 3 роки тому +4

    Forget checking your bank statement once a week, I’m checking it several times a day, every day.

  • @michaelyu7926
    @michaelyu7926 4 роки тому +4

    Just got a card ad😂😂

  • @paulstaf
    @paulstaf 4 роки тому +2

    If credit card companies were REALLY worried about fraud, they would require a PIN number for ALL CC transactions.... Why do they only ask you for your zip code when you buy gas and not ALL your purchases? Why not have a PIN like your DEBIT card does? Yeah, see, they aren't really concerned about CC fraud.

  • @KBProduction
    @KBProduction 4 роки тому +9

    Its time to use mobile wallet

  • @msaylorBTC100M
    @msaylorBTC100M 4 роки тому +5

    fraud increases bank transactions, thus increasing bank income

  • @sarayusarayu832
    @sarayusarayu832 4 роки тому +6

    This is so helpful and informative. Thank you.

  • @shapikoo
    @shapikoo 4 роки тому +5

    Just use 3d auth already. Give those option for your customer at least,

  • @OperationNonsense
    @OperationNonsense 4 роки тому +3

    Credit card fraud happens because cops refuse to do anything about it, essentially making it legal as there is zero legal consequences. I had my credit card info stolen from credit card skimming device at a gas station; the homeless person then purchased fast food burgers for all his hobo friends, and beers from gas stations (LOL for his choice spending my stolen money). I reported the fraud to Seattle PD, with specific location and transaction time for each fraudulent transaction. All they have to do is go to the 2 locations and request security video footage for specific date and time. It couldn't be easier to catch this criminal, but they flat out told me on the phone they will never do anything about it since they have more serious crimes to worry about. Citi bank end up eating the fraudulent charges, because they refunded me everything. Sure you might say a few hundred bucks is not a lot of money, who cares it's not a big deal, but it's the principle that we are allowing criminals roam free to victimize someone else that matters to me. And here we are watching this video, wondering why credit card fraud is not declining. It's happening because cops declare it legal.

    • @GlitchMaster0001
      @GlitchMaster0001 3 роки тому +1

      Similar story happened to me as well. My vehicle got stolen and I had my wallet in it. The people that stole it used my credit cards at multiple gas stations before I was able to cancel them. Even after going to the police with CCTV footage from the gas stations that had a clear readable license plate numbers of other potentially stolen vehicles, the police said they cannot do anything without opening a case and getting a signed court order from a judge. Lesson of this all? The police are basically useless, and 90% of the time are a waste of tax dollars and resources.

  • @fturla
    @fturla 3 роки тому +2

    The explanation that the government and financial institutions actually have financial incentives not to eliminate fraudulent credit card activity is correct, because they charge customers different tools and insurance to detect, monitor, and reimburse false charges for the majority of customers which is far more revenue than is lost through fraud activity. You will never reduce or eliminate fraud since the system actually tolerates a certain amount of criminal activity inside the system.

  • @petrsebik
    @petrsebik 4 роки тому +3

    I am living in the EU and this seems so strange to me. If I lose the plastic card, you cant use it in supermarket or some shop unless you also know my pin. And you cant use it online, since we use the 3D secure and every transaction online must be approved on my phone. Also since 2020 all online transaction use two factor autentication. It may take 30 seconds longer to buy something online, but I can be pretty sure no one cant steal money from my card.

    • @jammelfosquez5394
      @jammelfosquez5394 6 місяців тому

      Sounds like a great solution. The response in the USA might be I don't remember my pin, which is why I use a credit card...

  • @ProfesorMamelowsky
    @ProfesorMamelowsky 4 роки тому +8

    In many occasions the waiters in restaurants or the clerk's in other parts are responsible for the fraud. They collect the credit car data using skimmers.

  • @princeobi-wan8578
    @princeobi-wan8578 4 роки тому +5

    Dont use you're card to buy things online, what I do is get a reloadable card fill it with only what i need to buy things ...so the money is not all thier when they try to use it

    • @andromeda9340
      @andromeda9340 4 роки тому

      Smart move!👍

    • @mssha1980
      @mssha1980 4 роки тому

      But you’re spending too much money doing that. It’s easier to uses credit card

  • @ronkirk5099
    @ronkirk5099 2 роки тому +1

    Over the past 15 years, I got my card number stolen twice. The first time, I used my card making an over the phone purchase, the second time my card was actually stolen. The first time I didn't realize the number was being used fraudulently until the bank cancelled it due to unusual activity, the second time I called in the theft immediately and the card was blocked quickly. I am much more cautious about my card use and security now.

    • @barbarafallin2038
      @barbarafallin2038 2 роки тому +1

      That happened to me ,with my Amazon account, I cancelled everything, all cards I don't want anymore

  • @laurens.2503
    @laurens.2503 2 роки тому +3

    It is time to make the credit card companies responsible. They need to verify each and every new card opened.

    • @jamesbedugraham8056
      @jamesbedugraham8056 2 роки тому

      The Card Companies are to blame for breach of Data.
      They allowed too many people to access Credit Cards too easily even on the African Continent.

  • @bbalila
    @bbalila 4 роки тому +2

    Now in UK 2 factor Authentication for all online transactions is mandatory

  • @bluedogfish2
    @bluedogfish2 3 роки тому +5

    Someone got my card number made a card and used it at Walmart 10 miles away.

  • @JarKo880
    @JarKo880 4 роки тому +4

    US: "Our tolerance on adding friction to check out proces os very low so we recommend to study your monthly credit card statement carefully."
    EU: "Isn't it more convenient to spend five seconds more in order to pay in secure way and forget about studying statements and reporting fraud to bank and Police?"

    • @Gnnesh
      @Gnnesh 4 роки тому +1

      you do not get it.
      If I am a merchant, (which I am btw), I lose more money by enabling friction at the checkout process due to fewer people buying from my site, than I would if I paid to all the people who file a chargeback against me.

    • @JarKo880
      @JarKo880 4 роки тому +3

      @@Gnnesh thx, I got that. What is hard for me to understand is the attitude of consumers. First of all they in fact make it more difficult for themselves, second they help promoting crime and make criminals reach, thidly they will in the end pay for it.

    • @Gnnesh
      @Gnnesh 4 роки тому +1

      @@JarKo880 most of the time banks or merchants pay for it.

  • @ladhkay
    @ladhkay 4 роки тому +12

    US is so backwards when it comes to digital payment. No WeChat/OTP smh

    • @Kevin-gm7gx
      @Kevin-gm7gx 4 роки тому +1

      Lol come to Germany, people here still mostly use cash 🙈

  • @bengrogan1992
    @bengrogan1992 4 роки тому +1

    This is why lot's of restaurants won't let you leave a large tip on your card for your waiter they won't tell you this but they don't want to eat the cost if it comes back as a fraudulent charge.

  • @Telluwide
    @Telluwide 4 роки тому +3

    Unfortunately, this report fails to mention the fraud that companies commit by tacking on unauthorized charges on their customers credit cards as well....Happened to me...

    • @daviedood2503
      @daviedood2503 2 роки тому

      And that huge 710% APR interest rate as well. That $100 meal u took a date or ur wife on, will cost you several hundreds of dollars. Even if that's all u used it for. Just once for ur wife, will cost u too much. Better to just use cash only. Or hella invest your money, and use the profits to just buy whatever. The investments are ur backbone to keep churning profits. Leave the profits alone and let it stack, and your profits will get bigger. Simple concept.

  • @davidmilhouscarter8198
    @davidmilhouscarter8198 4 роки тому +3

    There needs to be more friction at the checkout. It might help cut down on credit card debt.

  • @Gunzberg
    @Gunzberg 4 роки тому +5

    The problem is also due to consumers. They use their credit card absolutely everywhere just to collect some reward points, air miles or other bs. This means a lot of sketchy business and people might have your details.

    • @andromeda9340
      @andromeda9340 4 роки тому +1

      Most aren't responsible enough tbh

    • @Gnnesh
      @Gnnesh 4 роки тому

      Who cares?
      Banks always protect me if there is a fraud. so doesnot matter.

    • @Gunzberg
      @Gunzberg 4 роки тому

      @@Gnnesh If you spot the fraud in time on your statement

  • @dirkvanbeveren5042
    @dirkvanbeveren5042 3 роки тому +1

    So many options. In Belgium you can set your daily limit for online or offline, when paying online you get redirected to the bank website to pay with an identity check. Cards are encrypted. When paying in restaurants you always see the amount on the device. There are also only a few types of card readers

  • @gustavoaragon4194
    @gustavoaragon4194 4 роки тому +11

    This is why cash beats everything

    • @miilotheminer
      @miilotheminer 4 роки тому +1

      ah yes cash, you can lose it, you can’t use it online, no rewards or benefits,

    • @hayaglamazonluxe
      @hayaglamazonluxe 4 роки тому

      @Malik Yussuf I found the racist.

    • @heavy_ang_patay
      @heavy_ang_patay 4 роки тому

      @@miilotheminer why would I use a card to buy a 1 dollar drink?

  • @tracygarner5912
    @tracygarner5912 4 роки тому +1

    The chinese food restaurant i used weekly started asking for so much info i stopped ordering. They already knew me. They knew my address amd had been coming weekly for years. Then one day asked for more info. It was bad enough when they asked for the 3 digit code which was only for online shopping so there was proof of a physical card. They already had enough do go on a mad shopping spree with my card number, name address, sec code... And now they wanted even more proof it was me?? I stopped ordering. They wanted the billing address of my card. I don't get mail at my home for a reason, added security. They said their credit card processing company would process card without more proof and was rejecting cards after the orders were done later. I said you have a problem with them not me. I had to give two addresses, card, name, sec code... No more ordering for me. The demand cost them about 300 a month in sales from us. We love chinese food.

  • @homijbhabha8860
    @homijbhabha8860 4 роки тому +11

    Why can't they just link with their phone so that every transaction requires a OTP on your phone, and you'll also get a text every time a transaction takes place. This is how it's done in India.

    • @michaelahching4197
      @michaelahching4197 4 роки тому

      U forgot abt convenience

    • @vinaybhat7670
      @vinaybhat7670 4 роки тому

      Is it not there?? 🤔 In India even for Debit Card Online Transactions...you neet to verify with OTP.

    • @homijbhabha8860
      @homijbhabha8860 4 роки тому

      @@michaelahching4197 it's just a text on your phone and just enter the one time password from the text and your transaction is processed.

  • @milliejeanvgc
    @milliejeanvgc 3 роки тому

    I'm a small business owner who literally is going to court next week because someone used stolen credit cards to make a purchase. The victim obviously issued a charge back and the money was debited from my account. Can you do a more in depth piece about how small businesses owners can protect themselves or how we can make lasting change to get law enforcement to care about us as much as they care about someone stealing $13 from a Walmart?

  • @organizedchaos4559
    @organizedchaos4559 4 роки тому +5

    How about two step identification? This way to you verify every purchase you make

  • @johnsoto886
    @johnsoto886 4 роки тому +7

    Being broke all the time is my best defense against credit card fraud😂😭😭

  • @The-Pug-Experience
    @The-Pug-Experience 4 роки тому +6

    When I heard "friendly fraud" I cringed, boomers throwing words around for the sake of hype and trying to act smart and knowledgeable

  • @DramaticHuskyGohan
    @DramaticHuskyGohan 4 роки тому +4

    The simple solution is to add pin or use a OTP to your registered phone number anytime a purchase is done.
    Edit: Atleast add that as an option to people who want it. I can wait in line for the OTP to arrive or to put in my pin

  • @consistencyiskey84
    @consistencyiskey84 4 роки тому +12

    I'm glad I have theft protection with my program that alerts me via email and text about any bs I didn't sign off on

    • @umersalman1
      @umersalman1 4 роки тому

      Isn't it an industry standard? 2FA and email/text alerts are standard here in pakistan.

    • @OscarMor5678
      @OscarMor5678 4 роки тому

      @@umersalman1 its more than that

    • @YT-hy2is
      @YT-hy2is 4 роки тому

      @@OscarMor5678 such as?

  • @lifetimevic
    @lifetimevic 3 роки тому +7

    Any scam problem could easily be fixed. Make the fiascos institutions that allow the scammers to have an account be liable for all the money those scammers scam. The world's governments need to get together to make this happen!

    • @daviedood2503
      @daviedood2503 2 роки тому

      They won't that's communism. Each leader says you are responsible for your own country and what happens inside of it.

  • @gamechep
    @gamechep 4 роки тому +5

    Why is two-factor authentication not mandatory in the US? Everyone has a phone these days, so it should not be a problem...am I missing something here?

    • @mikehodge5251
      @mikehodge5251 4 роки тому

      I personally refuse that since I spend more time outside the US than I do in the US and use local SIM cards in whatever country I am in. I have a magic jack number so I can still maintain a US phone number, but it won't receive certain text messages from banks. But for people who don't travel or work internationally, yes, that is a good idea.

    • @ChazAllenUK
      @ChazAllenUK 4 роки тому +1

      Doesn't even have to be an SMS with a code; could be a push notification with an "approve" button like Google use. It's up to your bank (and if they want to roll out a streamlined UX for users of their app).

  • @officialflorint
    @officialflorint Рік тому

    0:21 just dispute it in time and you’re good

  • @conors4430
    @conors4430 4 роки тому +4

    I’ve never been asked for a credit card so much in my life then when I went to the United States. Even when I had actual cash or actual savings. Everyone wanted a credit card

  • @mjh48059
    @mjh48059 3 роки тому +1

    2:22 Huh? No one's going to bother to duplicate cards and the chips on them, when you can just steal someone's wallet. At least in Europe, and in Canada, there is Chip and PIN, where it is not enough to just insert the card. You need to know the PIN, too. But in the US, this is considered too 'inconvenient'. Not just credit cards, but debit cards in the US have the same problem. I have never understood the 'logic' of people that claim it's 'bad' to use a debit card as 'debit', rather than 'credit'. They claim it's for better fraud protection, but c'mon. Having to enter a PIN is the better fraud protection right off the bat, because who else would actually know the PIN? (unless you have a big mouth, telling everyone the number?)
    At the end of the day, there is no excuse to not enforce a PIN on 'credit' transactions, including online transactions. To make an excuse, is to basically endorse the fraud at this point.

  • @Ringman87a
    @Ringman87a 4 роки тому +4

    And yet again every time i see this channel i'm amazed how the US is lagging behind on almost everything complared to Europe.
    2FA options for online payments have been around for many years now in Europe.
    And just now as of this year a new regulation went into effect as of this month called SCA (Strong customer authentication) that makes electronic payments to be done with multi-factor authentication mandatory.

    • @Gnnesh
      @Gnnesh 4 роки тому

      you do not get it.
      If I am a merchant, (which I am btw), I lose more money by enabling friction at the checkout process due to fewer people buying from my site, than I would if I paid to all the people who file a chargeback against me.

    • @camerontaylor7471
      @camerontaylor7471 4 роки тому

      @@Gnnesh I think you don’t get it ... if European merchants can implement then why can’t USA merchants ? Your excuse is hypothetical...

    • @Gnnesh
      @Gnnesh 4 роки тому

      @@camerontaylor7471 the gdp of US is more than the GDP of all EU countries combined. You won't get that well off you keep restricting businesses left and right.

    • @edipires15
      @edipires15 4 роки тому

      @@Gnnesh quality of life in Europe is higher than that of the US DESPITE having less GDP, and your BOOM-BUST cycles in your economy are more severe than in Europe, simply because of the lack of regulation

  • @28ebdh3udnav
    @28ebdh3udnav 9 місяців тому

    I work for a major bank and the vast majority of the way the fraud occurs is when the faudster applies for a credit card, sends it to the real person, and then calls in and says they "moved" and have it sent to another address of by creating an online account, and using it online only

  • @Mazxlol
    @Mazxlol 4 роки тому +4

    Of course it’s so easy... I remember a few times I shopped over the phone, they literally would ask me all of my info and then card number and security code. That same person could just use my info anywhere else

  • @cbilljones
    @cbilljones 4 роки тому +4

    In Canada we have a bunch of insecure crap just to appease Americans that come here... when i go to the US i feel like im back in 1995 lol

    • @volkhen0
      @volkhen0 4 роки тому

      Its hard for me to watch this documentary. When I was in US I was shocked that Americans use so many legacy stuff, old credit cards, old terminals, checks! (the idea of check is so old school).

  • @CK-ec8kz
    @CK-ec8kz 4 роки тому +1

    3:48 iTunes? Bruh, what did she sayyyyyyy??? That's pretty smart of her lol 😂

  • @mannymanny3859
    @mannymanny3859 4 роки тому +8

    I was a victim too took me 3 months to fixed it

    • @wellthen4128
      @wellthen4128 4 роки тому +4

      I'm sorry that happened.

    • @jeanp.5929
      @jeanp.5929 4 роки тому +5

      When it happened to me, my credit union took care of it. I had no idea it even happened. They called me up and said sign such and such documents to get your money back and I got my money back.

    • @MrTmenzo
      @MrTmenzo 4 роки тому

      Sorry many pacquiao

    • @ChazAllenUK
      @ChazAllenUK 4 роки тому

      Sounds pretty low friction. Bet you're glad you didn't have to enter an OTP!

    • @mannymanny3859
      @mannymanny3859 4 роки тому

      @@ChazAllenUK Citibank help me a lot...

  • @jacksonnduati4585
    @jacksonnduati4585 3 роки тому +1

    I get notification on my phone for every transaction and there is OTP for online purchases....

  • @orade_crypto
    @orade_crypto 4 роки тому +21

    Saving you money and investing into stock market will be the wisest thing to do to ensure success

    • @miguelalex6618
      @miguelalex6618 4 роки тому +3

      Totally agree it is by far the easiest to access and does not involve physical labor

    • @loraschneider6848
      @loraschneider6848 4 роки тому

      Share your personal success stories

    • @emilymila4530
      @emilymila4530 4 роки тому

      ACCURATELY SPOKEN BITCOIN INVESTMENT ESPECIALLY IS REALLY PROFITABLE NOWADAYS

    • @naomirosa4113
      @naomirosa4113 4 роки тому

      Bitcoin is the most profitable investment online if you trade with a professional broker

    • @lehmannnathan6241
      @lehmannnathan6241 4 роки тому

      @@naomirosa4113 How do I get a professional broker have been wasting my time trading on my own and blowing up my account.

  • @qharis-lm902
    @qharis-lm902 3 роки тому +1

    In China, if you want to pay by credit card, you'll most likely need a SMS verification code, a PIN, or a previously authenticated device. No money will be stolen just with a card number and expiry date.
    For example, when I pay the bill in a restaurant, I need to open an authenticated app on my phone then show the one-time code for the cashier to scan.

  • @jay-ix1ln
    @jay-ix1ln 3 роки тому +5

    “Some clown stole from me” 😂😂

    • @reigon7472
      @reigon7472 3 роки тому

      He's the clown 🤡

    • @Supr_KILLA
      @Supr_KILLA 3 роки тому

      @@reigon7472 He sounds like a duck 🦆😂

    • @reigon7472
      @reigon7472 3 роки тому +1

      @@Supr_KILLA hahahaha

  • @taran5747
    @taran5747 4 роки тому +4

    When you hear the words OTP on your phone
    *Kindly disconnect*

  • @Luminousplayer
    @Luminousplayer 3 роки тому +2

    imagine trying to make people take 10 seconds longer when paying in the land of angry Karens.

  • @LinkWave290
    @LinkWave290 4 роки тому +8

    Cash, prepaid cards, gift cards, and masked cards are your friend.

  • @NightSociety
    @NightSociety 4 роки тому +2

    CC co needs to have a standard at least 2-step verification for online purchase and/or random generate sub card security code for each transaction.

  • @OBZRV82
    @OBZRV82 3 роки тому +4

    This video makes me feel like buying something online..😆

  • @beefchuck
    @beefchuck 4 роки тому +2

    OTP for transactions over $100 or so. Just not practical for every small purchase at Walmart or gas station and thieves are not risking for such small amounts.

  • @IReapZz95
    @IReapZz95 4 роки тому +4

    america are always slow implementing a lot of security when it comes to payments. I still remember the first time I came to the US and notice that my cards didn't have the chip compacted to my European one that had it for about 5 years or more.... And then 2 years later or so I got a new card because the other one experied and the bank was advertising the chip addition as the greatest and newest invention.... something that has existed in Europe for more than a decade is the greatest invention in the richest country in the world? How sad is that

  • @fishheadbreakroom
    @fishheadbreakroom 4 роки тому +5

    And yet mail in voting is even less secure than credit cards

  • @Avve22
    @Avve22 2 роки тому +1

    Why it exists: Coz the ultimate profits go to the big banks..
    How to prevent: Follow the RBI guidelines.