Fraud Protection And E-commerce
We pride ourselves on helping to protect all types of business entities and individuals from financial loss as well as intellectual property.
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Credit Card Fraud
And yes the banks will almost certainly do what they can to keep their card holding customers happy, particularly if the cleaned out account can be traced to a compromised PIN by whoever it shakes out is accountable. Will that responsibility always be traceable? I do not know. But even if the banks in the end cover those losses, the cardholder has to deal with his account being cleaned out and all that goes with it.
The big concern for the merchant, on line and off, is if the consumer confidence disappear. We already have confirmation that confidence in online transactions has been falling a bit. This first debit/PIN compromise by itself is survivable, but if it turns out that it was not a one-time thing and we have all of a sudden discovered that PIN transactions are not as safe as we thought. Well, then on line merchants are in trouble and brick & mortar could be in trouble as well.
And I wonder how long the banks are able to calm down their debit card holders. When will they begin to pass the losses to the cardholders like they already pass them on to the online merchants now? It could become a matter of continued existence.