I come from a country where most people don’t have a credit card.
I cannot wrap my head around [this](https://m.youtube.com/watch?v=vmh3_nSR1jU) documentary.
Now I get that credit card fraud *is* a big problem.
But if all you need is the card number to order stuff, and card numbers are so easy to come by as shown in the documentary, then why is not every single criminal in the US running a credit card fraud operation?
It seems super easy and low risk. Get a burner device, order stuff from public wifi, and don’t be stupid about the delivery locations.
In: 548
Credit cards charge the vendor 2-3% of the transaction. They pay maybe 1-2% back to the consumer as “rewards” or “points”. That leaves them with 1-2%. Since 28% of all payments involve cards, they basically take in 0.5% of that part of the economy. And they then collect interest. Look at [finviz.com](https://finviz.com) and count how many companies are larger than V or MA. Not a lot. Their costs are very low. So, like any business, they plan on having a certain amount stolen from them. This cost is simply passed on to you. They would rather have cards be really, really nice to use and have a lot of theft than minimize theft and have cards so unpleasant to use that people opt for other means. Especially since they don’t bear the cost.
Latest Answers