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by mritchie712
513 days ago
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> So why hasn't it been done? The answer is simpler: it's not that big of a problem to the people that would need to solve it (visa, banks) Yes, it' billions of dollars per year, but that's on a denominator of trillions. > In 2022, global payment card transaction volume surpassed $40 trillion, with the U.S. accounting for over $9.5 trillion 1 . If we consider the $5 billion in unauthorized purchases reported by Security.org 2 , the percentage of fraudulent transactions in the U.S. would be approximately 0.05%. 1 - https://docs.google.com/document/d/1tudQcmL8lNH49iZZ8wRB88KW... |
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That's not wrong, but it misses the point. It's not worth the bank's time to solve it, but for me it would produce a pretty damn good ROI. All I needed was one entry point into the system, but I couldn't find it.