Braindead financial world

[FreeMoney]

http://bits.blogs.nytimes.com/2011/05/03/card-data-is-stolen-and-sold/

This just makes me think "wtf is wrong with the people who run this system?" The best they have is "send the exact data that can be used for unlimited charges, then if any problems happen we'll all have a headache and roll it back probably" what the hell, it's so dumb.

[grondilu]

http://bits.blogs.nytimes.com/2011/05/03/card-data-is-stolen-and-sold/

This just makes me think "wtf is wrong with the people who run this system?" The best they have is "send the exact data that can be used for unlimited charges, then if any problems happen we'll all have a headache and roll it back probably" what the hell, it's so dumb.

It's amazing that they don't use assymetric key pair cryptography.

« According to a number of security researchers, the sale of stolen information and credit cards often takes place completely underground in secret credit forums, where hackers exchange or sell data. These forums are closed to the public, and people who join the groups are vetted by forum administrators to ensure they are not from law enforcement. »

Those guys should use bitcoins to buy/sell those stolen credit cards.

[bittrader]

Perhaps part of the problem is the fraud protection that many/most cards have. That causes consumers to not be afraid to give out their card information willy-nilly, because if it's stolen and abused, they're not liable. On the other hand, as a card holder, I love fraud protection.

[FreeMoney]

Perhaps part of the problem is the fraud protection that many/most cards have. That causes consumers to not be afraid to give out their card information willy-nilly, because if it's stolen and abused, they're not liable. On the other hand, as a card holder, I love fraud protection.

Fraud protection is great, but the system is set up to lead to fraud and a need for fraud protection.

The math has existed for a long long time to make it way way harder.