Actually the credit card companies do NOT absorb the majority of the fraud...the breached merchants do. I know..I'm one of them and there are thousands of merchants nation wide who have agreed to do this so they can continue to process credit cards in their businesses. It's sad...smacks of paying protection money to the mob...black mail...call it what you want. But the credit card companies won't take you unless you agree to pay any "charge backs" to cards that were compromised if their system is hacked.
It's quite a racket! I was impressed. Sickened...but impressed...and it's legal. Go figure.
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Re: fear mongering?
It's quite a racket! I was impressed. Sickened...but impressed...and it's legal. Go figure.
Techdirt has not posted any stories submitted by Gortha.
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