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Author Topic: Prepaid debit cards?  (Read 1720 times)
Elwar
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November 02, 2011, 11:24:55 AM
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I notice on some prepaid debit cards that you can do a direct deposit to the card (http://www.creditcards.com/credit-cards/readydebit-visa-prepaid-card.php).

You can also take out cash at an ATM.

Bitcoin has the problem of chargebacks. If someone deposits cash into a BTC account and then gets the BTC and spends it, then does a chargeback...they can get their money back.

Could you not use a prepaid debit card to transfer funds to it, take out the money at an ATM and do a chargeback?

Or things like refillable gas cards that you can re-charge using a credit card (http://www.shell.us/home/content/usa/products_services/shell_cards/refillable/).
I assume that you could fill the card with your credit card, pay for gas with it, then do a chargeback and they could not get the money out of it.

I am not trying to find a way to get free money or gas through chargebacks, I am trying to figure out how these are used without having the same problem that BTC does with chargebacks.

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Dan The Man
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November 02, 2011, 12:25:42 PM
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I doubt you can chargeback an ATM.

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November 02, 2011, 12:34:49 PM
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I think the charge back thing is regarded as being a little easier than it really is.

See as a true Bitcoin purist we are supposed to regard any kind of reversible payment as unacceptable.

How ever its not extremely easy to charge something back, the idea is that Bitcoin is a un-proveable non-tangible good you pay for it with a credit card and then claim it was never delivered is fake or something else than you have your credit card company / paypal investigate

It's not like there is a Charge Back button on your bank accounts web site and you can just get your money back anytime you buy anything.

It's probably a lot easier to charge back if you have a merchant cc account but other than that its not a simple little thing everyone does, this is something typically a very well resourced and prepared scammer would do to intentionally rip people off, I dont see your average person doing this on the regular, it is possible but not probable. If I am wrong some one please correct me but I think the whole charge back problem is mis understood by the general Bitcoin public.


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November 02, 2011, 03:30:21 PM
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It's not usually the case that the scammer is doing the chargeback.  It's that the scammer is using stolen CC info to buy something and then the real owner of that CC (or the CC company itself) sees the fraudulent charge and reports it.  A scammer with a stolen credit card isn't going to be too interested in converting it to gasoline.  And converting it to cash at an ATM requires hardware to create a fake card and knowing a PIN code.  It also runs a risk of being detected via cameras and such, especially if they've stolen a lot of cards and are trying to convert a lot of it to cash.  The nature of bitcoin (being a liquid, digital asset) makes it a target for credit card thieves.

(gasteve on IRC) Does your website accept cash? https://bitpay.com
ovidiusoft
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November 02, 2011, 04:28:22 PM
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I assume that you could fill the card with your credit card, pay for gas with it, then do a chargeback and they could not get the money out of it.

You need a reason to do a chargeback. You can say the seller didn't provide the merchendise, or that you didn't use the card (it was stolen). You have extremely little chances of doing that in the real world, where hundreds of security cameras will prove that you did use the card yourself or that the seller did provide the goods.
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