BreachExchange mailing list archives

Re: Unnamed Acquirer Processor Breach Timeline, some additional confirmation


From: Pia Sachs-Donerkiel <sachs () NEFCU com>
Date: Thu, 26 Feb 2009 10:41:31 -0500

We have the same liability, whether Debit or Credit, and anytime some presses credit, even if a debit card, we also get 
the same interchange income, so that's kind of a moot point. Interest is nice, but it's not the only source of income.

-----Original Message-----
From: dataloss-bounces () datalossdb org [mailto:dataloss-bounces () datalossdb org] On Behalf Of Chris Walsh
Sent: Thursday, February 26, 2009 10:33 AM
To: *Hobbit*
Cc: dataloss () datalossdb org
Subject: Re: [Dataloss] Unnamed Acquirer Processor Breach Timeline, some additional confirmation

That's an interesting conjecture.

If I was a bank, I would want people to mount up CC debt (as long as I
could eventually collect it, with interest!).  Unless some combination
of fraud and uncollectable debt grows hugely, I would expect banks to
strongly resist elimination of fraud protection.  The assumption is
that people will indeed move away from CCs if their potential
liability increases.  The existence of debit cards suggests this
assumption is of questionable validity, however.

cw



On Thu, Feb 26, 2009 at 8:42 AM, *Hobbit* <hobbit () avian org> wrote:
What seems likely to happen along with all this and future disclosures,
is lots of legalese flung about geared toward the credit outfits
weaseling out of the $50 maximum customer liability.  If it hasn't
happened already, I don't really follow the credit side of things.
But you can bet your own bottom dollar that the "safety guarantee"
I so often hear associated with plastic will be a thing of the
past as the fraud picture gets worse.

Maybe this will start to finally wean people *off* the damn things.

_H*
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