Today's Credit Card Fraud Prevention -- Throwing The Baby With The Bathwater?
E-commerce and credit cards in particular are always considered to have succeeded in overcoming the big problem of fraud. All too often when a new security mechanism is presented to combat credit card fraud its opponents claim that fraud in credit card transactions is already mitigated to an adequate extent. This does not seem as a false claim as we don’t see Visa, Mastercard, or American Express going bankrupt due to fraud. The fraud figures are not too bad either considering the fact that no state-of-the-art mechanism is deployed yet for the masses.
However, trying to make an online purchase recently made me lose any respect I had for the so-called anti-fraud mechanisms that are used today.