[ale] OT: I AM paranoid!

[runman at speedfactory.net]

I have worked for First Data and now for another company of the same ilk
- both financial services companies that deal with card transactions and
you are entirely correct to a great degree.  Who you have that handles
the atm transactions  also determines costs - and everyone has a finger
in the pie.  From card readers (and their programming), fraud insurance
for the merchant and paying bank and receiving banks, receivables,
network fees, etc etc... it is a complex web.  Visa is an association of
banks (one of many assiciations) and it takes a cut on every
transaction, as well as others.  Walmart wants no one to take anything
from them and thus one of the many reasons for the lawsuit.

CC say theirs is more secure because no one will see your pin, but your
pin is useless without the card.  I think those cards on a keychain are
the most stupid ideas ever - they have no photo protection and seem way
to easy to lose.

Greg

On 10/10/2003, "Geoffrey" <esoteric at 3times25.net> wrote:

>I believe you are not correct.  When you use it as a Visa card, (no pin
>entry, usually), it goes through the Visa network.  When you use it as a
>debit card, it does not go through the Visa network, that's why debits
>show up faster on your statement.  Further, this is why Walmart and
>other companies want you to use it as a debit card, because when you use
>it as a Visa card, they have to pay the Visa charges associated with the
>transaction.
>
>I picked this up from Clark Howard a while back, so it's got to be true. ;)
>
>James P. Kinney III wrote:
>> On Thu, 2003-10-09 at 22:25, Jeff Hubbs wrote:
>>
>>>For one thing, NEVER use a debit card for these kinds of remote
>>>transactions!  You have FAR fewer protections associated with debit
>>>cards than credit card carriers give.
>>>
>>>- Jeff
>>
>> <GONG!!> <BZZT!>
>> Sorry. Wrong answer. Debit cards have the exact same protections as
>> credit cards. Because they use the same data transfer mechanism as a
>> credit card AND they carry the Visa/Mastercard logo to indicate the who
>> processes the transaction, they are covered under the same fraud
>> prevention technologies and $50 limit that credit cards have.
>>
>> That said, there are some bank cards that are debit cards that are not
>> part of the Visa/Mastercard system that do not carry those protection
>> limits. Those cards can't be used as a credit card when a business
>> doesn't support the debit card feature. If that gets compromised, the
>> card holder is screwed completely to the wall (floor, ceiling, door
>> frame). Those cards are generally handed out at the smaller banks to
>> lower income customers who don't qualify for a credit card.
>>
>>
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>
>--
>Until later, Geoffrey	esoteric at 3times25.net
>
>Building secure systems inspite of Microsoft
>
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