Fraudsters are switching from credit cards to Bitcoin, says consumer protecti...
Scammers are taking advantage of one of Bitcoin's strengths, as once lauded by Satoshi Nakamoto. Fraudsters are taking advantage of the irreversible nature of crypto transactions, says MyChargeBack’s vice president of global operations, Michael Cohen. When Bitcoin (BTC) was first envisioned, one of its selling points was the fact that it was offering better protection to retailers than credit cards. In one of his earliest emails — from November 10, 2008, Satoshi Nakamoto parried a complaint from an early adopter James A. Donald, who lamented the fact that Bitcoin transactions are not....
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Prepaid debit cards will become subjected to tightened regulations proposed by the Consumer Financial Protection Bureau by October 2017. According to Lauren Saunders, the associate director of the National Consumer Law Center, the standard of regulation for prepaid debit cards will match that of bank accounts and bank-issued credit cards in terms of loss compensation, fee disclosure, and overdraft fees. Saunders announced: “The rules bring prepaid cards out of the shadows, with protections that in many ways are stronger than those for traditional bank accounts.” Newly implemented....
One of the commonly cited problems that many people see with Bitcoin as a payment method is the fact that all transactions are final and irreversible. With credit cards, if you buy something but never receive the product, you can issue a chargeback to recover your funds potentially weeks after the transaction. With Bitcoin, on the other hand, no such option exists. Of course, in many cases the lack of chargebacks in Bitcoin is actualy an advantage; in transactions where the two parties have an established relationship, or one party is a reputable business, the possibility for any kind of....
Major Banks and credit card companies such as American Express have developed “fraud free” and encrypted chip-enabled cards to cut costs while transferring the burden of fraud compensation onto the merchant. However, many are still unaware that a cheaper and more secure technology already exists. The credit card manufacturers have integrated EMV chips (Europay, MasterCard and Visa) into the credit cards, which create unique payment codes for every transaction. The implementation of the EMV technology disables the duplication of payment credentials to settle other transactions.....
A new Demand Institute's study finds that the demand for expanded access to financial services, which could add an estimated $650bln in Chinese consumer spending over the next 10 years, has been going largely unmet. The report, A Wealth of Opportunity: Chinese Consumers and Their Shifting Demand for Financial Services, states that there exists an untapped demand among Chinese consumers for household financial services products, including deposit accounts, credit cards and debit cards. It further elaborates that the evolution of this demand in China would be different to that of other....
Virtual currency company Coinbase has announced that to buy Bitcoin, now users can use 3D Secure enabled credit and debit cards. This facility can be availed, at present, by its Spanish and British consumers. The 3D Secure feature works by enabling the two-factor authentication that will be used for making purchases with credit and debit cards. In its announcement, the company has also given out directions, by following which, a consumer can procure Bitcoin easily. The directions read: "To get started, sign in and visit the payments method page. Click "Add Credit / Debit Card" to add your....