$200 Million credit card fraud highlights Bitcoin's security
In news that underlines the vulnerabilities of credit cards compared to bitcoins, law enforcement officials have busted an alleged global credit card fraud ring that amassed $200 million (US) in charges. The risks of credit-card fraud and theft are a big reason many Bitcoiners say they prefer digital currency. When it comes to trust, credit card companies have made the Hall of Shame, leading in poor user satisfaction ratings, besting banking, cable, phone and insurance companies. Using a credit card for online purchases, Mozilla developer Kumar McMillan has noted, is "like giving someone....
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Some serious questions are waiting to be answered when it comes to dealing with online payment fraud. Most of the issues associated with credit card payments stem forth from user data being stolen, and sometimes, that is the end user’s fault.Britain’s most senior police officer feels online fraud victims should not be reimbursed by banks. Sayings like these will eventually push consumers to Bitcoin and alternative forms of finance. “No Need To Refund Online Fraud Victims”. Nothing is more annoying than seeing a credit card statement with charges for items and services the owner did not....
In an article published in TopStockAnalysts, analyst Jody Chudley argues that the high cost of credit card fraud will drive many merchants to Bitcoin. And if merchants prefer Bitcoin then consumers will adopt it and, so, the outcome is that a lot of today's Bitcoin startups' stock prices will soar. BitcoinShop.us is, according to the analyst, ideally positioned and here's why. Credit Card Fraud Plagues Retail. A 2009 study by Lexis Nexis shows that US merchants lose about $190 billion per annum to credit card fraud. A recent example involved the online retailer Target who's database was....
Openbazaar, a Bitcoin-integrated decentralized e-commerce platform, is trying to surpass existing companies with Bitcoin’s unprecedented security measures and the multi-signature technology. The rate of credit card fraud cases has significantly increased over the past few years. Major credit card companies and payment network providers have responded by creating chip-enabled EMV cards, which presents improved security protocols for consumers which reduces the possibility of card and transaction fraud. With 88% of MasterCard credit and debit cards being protected by EMV chips, initiating....
Five members of the US Army National Guard have been arrested. All of the suspects are involved in an illegal scheme involving stolen credit cards bought with Bitcoin. The news broke on May 23, 2016 when a message appeared on the US Department of Justice website regarding the incident. The official source mentions how four US Army National Guardsmen have....