The best defense

How much is my credit card number worth on the black market? - By Jacob Leibenluft - Slate Magazine:

"The demand for very basic credit card information appears to be shrinking—in large part because those data are often not very valuable. Credit card companies foot most of the bill when your card number is pilfered: By law, a consumer is liable for only $50 when a stolen card is used, and most companies waive even that. As a result, the companies have stepped up their efforts to cut down on fraud, reducing the potential benefit from accessing a stolen card number. As opposed to bank accounts, for instance, it is far more difficult to use credit cards to quickly (and anonymously) take out cash before an account is shut off."

Capitalism FTW! (*) You can pass all the laws you want against credit card fraud but to really fix the problem the credit card companies have had to develop serious defensive mechanisms to cut down on the value of a stolen card - and they are succeeding. Sometimes, supposedly, the best defense is a good offense. But most of the time, perhaps all of the time, the best defense is simply a really good defense.


* FTW - for the win!

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