Hacker News new | ask | show | jobs
by vidarh 4651 days ago
company A to you is company B to someone else. The point is that the risk is not to the bank but to merchants.

For any given transaction the company does not know if they're "company A" and you're a genuine customer, or if they're "company B" being defrauded out of product with stolen details, so all merchants are taking on risk.