how come credit card bills can be refunded, i.e if you get scammed the credit card company can reverse the transaction but a bank transaction cannot be reversed?

Question

how come credit card bills can be refunded, i.e if you get scammed the credit card company can reverse the transaction but a bank transaction cannot be reversed?

In: 154

Answer 1

Well there are plenty of good answers already, but the short answer is because banks control the political system and they are willing to fuck over small businesses (and big businesses), but they are absolutely unwilling to fuck themselves over. Consequently, they do not have much incentive to improve the security of transactions (insert whine “it will cost too much to change all of the processing equipment” for example).