Why Credit Card Fraud Hasn't Stopped In The U.S. 

Just putting a password on the card, it is absurd for a waiter to take your card away from you and make the payment without the presence of the cardholder, this only happens in the USA.

You can't have the cake and eat it too. A 20 second "inconvenience" through 3D-secure pin is far better than a 20 week harrowing chargeback request. Be smarter America.

The fact that the credit card companies don't offer consumers a "two-factor authentication" to authorize purchases is a disgrace.

CNBC needs to stop getting "experts" who use their laptop's built in mic

Narrator sounds like watchmojo lady

As video said, the company who have the power for change aren't incentivize to change.

Rashad - may I suggest you make procyberflip correlating this to the Chinese Credit Scoring System; you know, the system where an entire nation's people are enslaved by their government over systems exactly like this? We need people who have influence to bring to light these types of correlations to get people asking and thinking or we will see ourselves slip into a tyrannical nightmare.

This this adds to the stupidity of the US.. just use 3D secure.. its basically MFA for your payment, you have a smartphone. But no.. we want to buy with only ONE click, not Two! Two clicks would require burning twice as many calories.

Just setup a One time password to phone or Mail for every card transaction.

It hasn't stopped because it makes companies $$$$$

I had credit card fraud on at least 3 separate occasions in the past. Since then I've been very meticulous. My credit card allows me to set alerts for purchases over a certain amount of money. I set that amount to $0.01 which means every time I make a purchase with my card, I get an alert within a minute of the purchase. I keep very close track of all those on a daily basis. I'm also more careful about where I use my card online. Being proactive is the only way to fight this right now.

US : why do we have so much fraud? The world: did you implement 3d secure? US: why do you want to add an extra step on my shopping cart I'm too lazy for that The world: you get what you deserve murica...

Friendly Fraud mentioned: Robux kids have left the chat

Start using PIN numbers/OTPs, as we do in India.

all the scammers right now: 👁💧👄💧👁 **who snitched**

ASMR: CNBC convinces everyone to commit credit card fraud

If 80% is "friendly" fraud, wtf are we talking about here?

listens to Teejay once

I feel like they are blaming the victim too much here: "People are not careful enough with their payment information". Just like card present fraud being nearly solved with modern tech there is plenty the banks and credit card merchants can do to fix online fraud.

US: we have card fraud. Also US: Security adds friction to shopping experience. 11:20

Unfortunately there are a lot of scum bag people who do it

There's 6 dollars on my credit card don't spend it all in one place

Credit cards are designed from the ground up to facilitate fraud. You literally couldn't come up with a less secure way to pay for things even if you tried to. Banks could end 99% of credit card fraud overnight, but it's not in their best interest to do so.

I was a victim of credit card fraud in 2013. It hasn't happened since. I check all of my credit card transactions at the end of every week. I make sure I know exactly where my money is going.

In Europe we have two-factor-identification now. Thus, you do not only need the credit card data, but you also need the smartphone of the rightful owner of those credit card information to steal with/from that credit card. That someone has both, the credit card data and the corresponding smart phone, is very, very slim, resulting in credit card fraud becoming more and more an non-issue in Europe.

Bitcoin is the future, investing in it now will be the wisest thing to do especially with the current rise in bitcoin

My credit card has a Lock Card feature. It takes some getting used to, but I keep mine locked until just before I use it and then lock it right after. This feature should be easier to access on bank apps.

I'm from Mexico and I have a virtual card that change every 5 minutes for purchase online.

Credit card itself is a fraud.

"Part of it is that we are a VERY rich country..." The most honest confession I have seen lately.... 🤣🤣

Why aren’t more people using temporary virtual numbers for every online purchase? Once the transaction is complete you delete the number so in the event a hacker gets it all charges will be automatically declined. Seems like a no brainer.

Title makes it sound like card fraud isn’t a problem in other countries

The fact that I as an American have no idea of what 3D secure is, makes me sad

I pray whoever reads this should become successful. keep l for success. the rich stay rich by spending like the poor and investing why the poor stay poor and be spending like the rich yet not investing. Roar! Invest earn and be successful.

8:39 - I'm not sure what he's complaining about. Credit-card fraud protection is nearly absolute in the US, by law. The most it can cost the victim is $50 per credit card involved, and that is so insignificant that it usually gets waived as a PR gesture by the credit companies. This is THE reason to always use CCs instead of debit whenever possible in online transactions.

Great report, one point , the discussion around how consumer information is monetized by all financial entities and credit bureaus, the lack of regulation around protection of consumers data is part of the problem, some entities entire business models revolve around “moneytizing “ our data. This is now how of control and needs to be part of the national discussion threads

This is so helpful and informative. Thank you.

In that Equifax hack, apparently 3 out of 5 of my cards were stolen. In 2018, in a span of 3 months, 3 of those cards were "physically" used in vicinity of where I live (radius of 7 to 18 miles). So they cards, which had chips, were copied and used. Every single time, it was a Card-Present illegal activity where the person was "testing" the waters see if I notice small purchases he/she/they were making. Stuff as low as $2.xx purchase at a vending machine, or at the gas pump for exact $60.00, or in the tourist area buying an ice cream. I have text alerts on all my cards, so literally a minute after each purchase, I was on the call with the respective fraud department, canceling the card. In all cases, they didn't charge me anything, and I got new card numbers. I compiled all these incidents and sent them to state attorney's office. NOTHING WAS DONE -- not even a call back or contact. And we pay these people not to do anything. The point is that these incidents were perpetuated by a "criminal organization". You don't get to hack a site, gain access to someone's cards, then have people "physically" go around the place where you live, testing it out see if you notice these illegal transactions by hiring foot soldiers and mules. If they don't care about large organized crime groups, what does the government care about? Big business, that's who. Don't tell me this was a victimless crime, as this money will come out of someone's pocket, and that pocket is eventually "YOU", the consumer.

The “friendly fraud” thing makes me crazy! I happened to transpose the last two digits on my debit card over the phone and a transaction to buy a pizza went through. I didn’t notice the error until the next day. When I called the pizza place, I was essentially told that they didn’t care since the charge went through. When I called the credit union, I didn’t have an erroneous mistake to point at on MY account, so they couldn’t do anything either. I inadvertently stole from another person and there was no way to make it right. It was incredibly frustrating and it still keeps me up at night.

It hasn't stopped because people understand the malicious nature of credit card companies, and probably feel justified at taking advantage of them.

And what's really messed up is that banks will protect large corporations with chargebacks. And if a small brand/ mom and pop shop tries to fight a chargeback, they lose almost every time. They pay for the entire amount, plus a $15 to 20 fee on top of everything.

The explanation that the government and financial institutions actually have financial incentives not to eliminate fraudulent credit card activity is correct, because they charge customers different tools and insurance to detect, monitor, and reimburse false charges for the majority of customers which is far more revenue than is lost through fraud activity. You will never reduce or eliminate fraud since the system actually tolerates a certain amount of criminal activity inside the system.

Forget checking your bank statement once a week, I’m checking it several times a day, every day.

There is a simple solution - require an OTP! That works in India and many other countries very well as a 3FA

Just use 3d auth already. Give those option for your customer at least,

So many options. In Belgium you can set your daily limit for online or offline, when paying online you get redirected to the bank website to pay with an identity check. Cards are encrypted. When paying in restaurants you always see the amount on the device. There are also only a few types of card readers

If credit card companies were REALLY worried about fraud, they would require a PIN number for ALL CC transactions.... Why do they only ask you for your zip code when you buy gas and not ALL your purchases? Why not have a PIN like your DEBIT card does? Yeah, see, they aren't really concerned about CC fraud.

I am living in the EU and this seems so strange to me. If I lose the plastic card, you cant use it in supermarket or some shop unless you also know my pin. And you cant use it online, since we use the 3D secure and every transaction online must be approved on my phone. Also since 2020 all online transaction use two factor autentication. It may take 30 seconds longer to buy something online, but I can be pretty sure no one cant steal money from my card.

Successful people don't become that way overnight. What most people see at a glance wealth, a great career purpose is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life

Just got a card ad😂😂

Someone got my card number made a card and used it at Walmart 10 miles away.

Why can't they just link with their phone so that every transaction requires a OTP on your phone, and you'll also get a text every time a transaction takes place. This is how it's done in India.

“Some clown stole from me” 😂😂

Now in UK 2 factor Authentication for all online transactions is mandatory

Over the past 15 years, I got my card number stolen twice. The first time, I used my card making an over the phone purchase, the second time my card was actually stolen. The first time I didn't realize the number was being used fraudulently until the bank cancelled it due to unusual activity, the second time I called in the theft immediately and the card was blocked quickly. I am much more cautious about my card use and security now.

Dont use you're card to buy things online, what I do is get a reloadable card fill it with only what i need to buy things ...so the money is not all thier when they try to use it

Why is two-factor authentication not mandatory in the US? Everyone has a phone these days, so it should not be a problem...am I missing something here?

I'm a small business owner who literally is going to court next week because someone used stolen credit cards to make a purchase. The victim obviously issued a charge back and the money was debited from my account. Can you do a more in depth piece about how small businesses owners can protect themselves or how we can make lasting change to get law enforcement to care about us as much as they care about someone stealing $13 from a Walmart?

Why can't the US just establish some regulations to make 2FA mandatory for online transactions just like in Europe? Why?

Being broke all the time is my best defense against credit card fraud😂😭😭

It is time to make the credit card companies responsible. They need to verify each and every new card opened.

CC co needs to have a standard at least 2-step verification for online purchase and/or random generate sub card security code for each transaction.

3:48 iTunes? Bruh, what did she sayyyyyyy??? That's pretty smart of her lol 😂

Someone made a big robux purchase on my card I’m not even mad maybe the kid needed it

How about two step identification? This way to you verify every purchase you make

In the U.S. when you use your credit card online do you get a push notification on your phone from your bank for authorisation or a text message with an authorisation code and when you go to pay you get redirected to a portal of your credit card provider/bank where you have to enter the code to approve the transaction? Both of these steps are pretty common in Europe.

The video title sounds like an invitation haha

The simple solution is to add pin or use a OTP to your registered phone number anytime a purchase is done. Edit: Atleast add that as an option to people who want it. I can wait in line for the OTP to arrive or to put in my pin

US: "Our tolerance on adding friction to check out proces os very low so we recommend to study your monthly credit card statement carefully." EU: "Isn't it more convenient to spend five seconds more in order to pay in secure way and forget about studying statements and reporting fraud to bank and Police?"

Friendly fraud occurs sometimes, cause the safeguards to permit purchase allows easy but confusing steps to complete the purchase

In China, if you want to pay by credit card, you'll most likely need a SMS verification code, a PIN, or a previously authenticated device. No money will be stolen just with a card number and expiry date. For example, when I pay the bill in a restaurant, I need to open an authenticated app on my phone then show the one-time code for the cashier to scan.

fraud increases bank transactions, thus increasing bank income

This video makes me feel like buying something online..😆

This is why lot's of restaurants won't let you leave a large tip on your card for your waiter they won't tell you this but they don't want to eat the cost if it comes back as a fraudulent charge.

There needs to be more friction at the checkout. It might help cut down on credit card debt.

Unfortunately, this report fails to mention the fraud that companies commit by tacking on unauthorized charges on their customers credit cards as well....Happened to me...

Credit card fraud happens because cops refuse to do anything about it, essentially making it legal as there is zero legal consequences. I had my credit card info stolen from credit card skimming device at a gas station; the homeless person then purchased fast food burgers for all his hobo friends, and beers from gas stations (LOL for his choice spending my stolen money). I reported the fraud to Seattle PD, with specific location and transaction time for each fraudulent transaction. All they have to do is go to the 2 locations and request security video footage for specific date and time. It couldn't be easier to catch this criminal, but they flat out told me on the phone they will never do anything about it since they have more serious crimes to worry about. Citi bank end up eating the fraudulent charges, because they refunded me everything. Sure you might say a few hundred bucks is not a lot of money, who cares it's not a big deal, but it's the principle that we are allowing criminals roam free to victimize someone else that matters to me. And here we are watching this video, wondering why credit card fraud is not declining. It's happening because cops declare it legal.

Really.. tapping a button on your smartphone is too hard???

And yet again every time i see this channel i'm amazed how the US is lagging behind on almost everything complared to Europe. 2FA options for online payments have been around for many years now in Europe. And just now as of this year a new regulation went into effect as of this month called SCA (Strong customer authentication) that makes electronic payments to be done with multi-factor authentication mandatory.

Change PIN settings after each shopping trip. Lock card settings when not shopping.

imagine trying to make people take 10 seconds longer when paying in the land of angry Karens.

Of course it’s so easy... I remember a few times I shopped over the phone, they literally would ask me all of my info and then card number and security code. That same person could just use my info anywhere else

This is why cash beats everything

in the EU, for every transaction over a certain sum 50$ or 24H cummulated shopping over 100$ we have to insert the card PIN and receive either an SMS or a code from a proprietary app to confirm it

I work for a major bank and the vast majority of the way the fraud occurs is when the faudster applies for a credit card, sends it to the real person, and then calls in and says they "moved" and have it sent to another address of by creating an online account, and using it online only

Just be careful when shopping online and don't forget to delete your card data after the transaction is done and always check your bank statement maybe twice a week and make sure to cover up your cvv number

The problem is also due to consumers. They use their credit card absolutely everywhere just to collect some reward points, air miles or other bs. This means a lot of sketchy business and people might have your details.

You're right those companies don't have a huge it Department. They usually set up their business using cloud services which have their own massive IT departments.

OTP for transactions over $100 or so. Just not practical for every small purchase at Walmart or gas station and thieves are not risking for such small amounts.

I’ve never been asked for a credit card so much in my life then when I went to the United States. Even when I had actual cash or actual savings. Everyone wanted a credit card

Its time to use mobile wallet

I noticed at several occasions when performing online payments with US merchants that my card does not ask for the 3d secure password. So having the card number and CVV is enough to process payments? I don't understand how this could be even remotely secure by any stretch of my imagination.

US is so backwards when it comes to digital payment. No WeChat/OTP smh

When I heard "friendly fraud" I cringed, boomers throwing words around for the sake of hype and trying to act smart and knowledgeable

The chinese food restaurant i used weekly started asking for so much info i stopped ordering. They already knew me. They knew my address amd had been coming weekly for years. Then one day asked for more info. It was bad enough when they asked for the 3 digit code which was only for online shopping so there was proof of a physical card. They already had enough do go on a mad shopping spree with my card number, name address, sec code... And now they wanted even more proof it was me?? I stopped ordering. They wanted the billing address of my card. I don't get mail at my home for a reason, added security. They said their credit card processing company would process card without more proof and was rejecting cards after the orders were done later. I said you have a problem with them not me. I had to give two addresses, card, name, sec code... No more ordering for me. The demand cost them about 300 a month in sales from us. We love chinese food.

Why are almost all of CNBC's dub volumes so low? Even at full volume it's so hard to hear it 😑😑

When you hear the words OTP on your phone *Kindly disconnect*

Remember liking convenience equates to being lazy.

Stop using credit card instead use google pay apple pay pay pal

I do two things to protect my credit card: 1) I put a credit transaction limit 2) I block international purchases unless I am not in my country