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Author Topic: Fraud accounts for almost $3 Trillion dollars a year in losses  (Read 1047 times)
googlemaster1
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March 21, 2014, 10:28:54 PM
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If the fraud industry were its own country, it would have the fifth strongest economy in the world, just ahead of the UK. Come and meet the fraudsters who're making a killing from the fastest growing crime on Earth.

https://www.youtube.com/watch?v=lA4R84xfLOQ

If this isn't a reason to cancel all of your credit cards and pay with everything in bitcoin, I don't know what will.

Using Bitcoin and cash 100% of the time protects you from almost all forms of fraud except for the uninformed buyer from an untrusted seller, or from unsafe wallet storage.


Inspired by another friend yet again getting her CC stolen and run up for Itunes gift cards and Bus passes.  Woohoo....

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Boris-The-Blade
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March 21, 2014, 10:43:36 PM
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If the fraud industry were its own country, it would have the fifth strongest economy in the world, just ahead of the UK. Come and meet the fraudsters who're making a killing from the fastest growing crime on Earth.

https://www.youtube.com/watch?v=lA4R84xfLOQ

If this isn't a reason to cancel all of your credit cards and pay with everything in bitcoin, I don't know what will.

Using Bitcoin and cash 100% of the time protects you from almost all forms of fraud except for the uninformed buyer from an untrusted seller, or from unsafe wallet storage.


Inspired by another friend yet again getting her CC stolen and run up for Itunes gift cards and Bus passes.  Woohoo....


Yeah but if your CC gets used fraudently the credit card company will just refund most people.
So people dont care. It doesnt effect them that much.
If you Bitcoins get stolen your probably never going to see them again.
This could be one of the reasons your average person doesnt want to get involved in Bitcoins.
davida
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March 21, 2014, 10:47:46 PM
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I posted a link to that video in another thread earlier today!  Roll Eyes  Tongue
skilo
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March 25, 2014, 02:20:17 AM
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Yea i believe i have heard this commercial before, I myself have never been a victim of CC fraud, I think most of that happens when people search for something they want to buy on google and then click the cheapest price that pops up which will usually take you to some fake amazon or ebay site which isn't actually selling anything it's just set up by some hacker on the other end waiting to nab your CC info.
pungopete468
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March 25, 2014, 02:49:04 AM
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If the fraud industry were its own country, it would have the fifth strongest economy in the world, just ahead of the UK. Come and meet the fraudsters who're making a killing from the fastest growing crime on Earth.

https://www.youtube.com/watch?v=lA4R84xfLOQ

If this isn't a reason to cancel all of your credit cards and pay with everything in bitcoin, I don't know what will.

Using Bitcoin and cash 100% of the time protects you from almost all forms of fraud except for the uninformed buyer from an untrusted seller, or from unsafe wallet storage.


Inspired by another friend yet again getting her CC stolen and run up for Itunes gift cards and Bus passes.  Woohoo....


Yeah but if your CC gets used fraudently the credit card company will just refund most people.
So people dont care. It doesnt effect them that much.
If you Bitcoins get stolen your probably never going to see them again.
This could be one of the reasons your average person doesnt want to get involved in Bitcoins.

The credit card company doesn't simply refund you...

The credit card company steals the money from the merchant, potentially bankrupting them, causing honest people to lose jobs, and causing harm to local families and communities...

Say somebody uses your credit card to pay for $30,000 of computer equipment. The thief keeps the equipment and benefits, the merchant eats the cost all at once and likely folds, and you get your money back in a snap...

How is that a fair system?
twiifm
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March 25, 2014, 04:05:36 AM
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Credit card companies have a fraud investigator who then forward investigations to law enforcement.  If LE recovers stolen goods then its returned.  CC don't steal money from the merchant. The crooks do

Maybe its not fair but thats how it is.  
Gotone
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March 26, 2014, 11:05:28 AM
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 Wink

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am
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March 26, 2014, 05:16:35 PM
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Fraud is an area severely under-appreciated and crucially under-funded. I think folks probably thought the banks/paypal solved the fraud problem but in reality as we know, it's pretty rampant everywhere. I think there's space for a few enormous anti-fraud companies on the scale of Symantec for example in different areas of security. It's an area I think that hasn't seen innovation in terms of the business model since McAfee and anti-virus first appeared.
waldox
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March 27, 2014, 05:43:54 PM
 #9

If the fraud industry were its own country, it would have the fifth strongest economy in the world, just ahead of the UK. Come and meet the fraudsters who're making a killing from the fastest growing crime on Earth.

https://www.youtube.com/watch?v=lA4R84xfLOQ

If this isn't a reason to cancel all of your credit cards and pay with everything in bitcoin, I don't know what will.

Using Bitcoin and cash 100% of the time protects you from almost all forms of fraud except for the uninformed buyer from an untrusted seller, or from unsafe wallet storage.


Inspired by another friend yet again getting her CC stolen and run up for Itunes gift cards and Bus passes.  Woohoo....

it would be great if bitcoin gets adopted, reducing $$ spent on counter fraud, and most of the trillions spent on fraud stays in the pockets of the people

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ShakyhandsBTCer
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June 15, 2014, 12:20:06 AM
 #10

Fraud is an area severely under-appreciated and crucially under-funded. I think folks probably thought the banks/paypal solved the fraud problem but in reality as we know, it's pretty rampant everywhere. I think there's space for a few enormous anti-fraud companies on the scale of Symantec for example in different areas of security. It's an area I think that hasn't seen innovation in terms of the business model since McAfee and anti-virus first appeared.

Just look at the lending section of the forums and you will see how many clear examples of fraud there are. Granted the lending section does have many legitimate requests.
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