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

In 2019, payment card fraud losses reached $28.65 billion worldwide. The United States alone is responsible for more than a third of the total global loss making America the most card fraud-prone country in the world. The economic cost of credit card fraud goes far beyond the cost of illegally purchased merchandise; businesses often spend millions to protect themselves from fraud, buying software and hiring security experts to monitor transactions. Experts say there aren’t enough regulations to help protect the U.S. economy, especially small businesses from card fraud.

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

[JVNFM]

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.

[PatNeedhamUSA]

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

[masterray]

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

[TusharChatterjeeJishu]

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.

[protoss]

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...

[albanduro]

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

[Anheuer]

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.

[kuvjason]

It hasn't stopped because it makes companies

[beyblade]

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

[talismanjr]

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

[cloudybrains]

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.

[yuehuang]

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

[kartikkaushik]

ASMR: CNBC convinces everyone to commit credit card fraud

[ingokramer]

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.

[starboysuniverse]

Friendly Fraud mentioned: Robux kids have left the chat

[MukMn]

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.

[shankysays]

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

[benjaminyork]

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.

[pritishpatil]

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

[sportsMike]

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