[OutOfHere]

Fraud is very real, but let me count the reasons why chargebacks rarely matter:

1. They don't matter for unapproved charges and renewals because crypto doesn't allow charges at all.

2. They don't matter for buying from large sites like Amazon, Ebay, Google, etc. because these large sites will quickly freeze a user's account completely if a chargeback is introduced. Most orders these days go through the large sites.

3. Chargebacks filed with Visa/MC (not Amex) require substantial evidence and follow-up for them to succeed. They are not easy. The time spent on retrieving the money back is hardly worth it for someone with a full-time job.

[yunohn]

1. Not true, see malicious smart contracts.

2. Yes and thanks to modern trad-fi law, it’s incredibly easy to get refunds and returns on basically all retail websites.

3. Not true, trivially disproved by having gone through the process multiple times with various providers myself with minimal effort and documentation. I suggest you DYOR once too.

[OutOfHere]

I appreciate when someone is well informed and shares their knowledge, but:

1. Regarding malicious smart contracts, they can steal only from incompetently written smart contracts.

2. Regarding refunds by large vendors, that's the ideal, but not the reality. I have had Uber reject a refund for unfair reasons when the driver was wasting time and didn't show up for over 15 minutes past the estimated time. I have also had Google provide me no refund for a large transaction on a scam app that fooled me.

[yunohn]

1. Please don’t repeat the No True Scotsman train of argument again and hand wave away the problem by blaming it on “incompetence” - it removes the explicit malice those contracts were coded with.

2. I am struggling to see how this is/would/could ever be solved by crypto.

[OutOfHere]

2. It's not solved by crypto, but then crypto doesn't charge a 3% commission for money transfer. The cost of a stablecoin transfer is a couple of pennies.

[ceejayoz]

> The cost of a stablecoin transfer is a couple of pennies.

The cost of an authorized stablecoin transfer is.

The cost of an unauthorized stablecoin transfer is infinite. The cost of an unauthorized credit card transaction is $0.

[OutOfHere]

The credit card is associated with a checking account. Fraudulent transactions on checking accounts and debit cards do happen, with or without an ATM. They do occasionally get reported in the news, and the bank will not protect or refund you for them, especially if it's large.