| I know very well what I am talking about. Read for example a credit card agreement from a random bank, say Scotiabank, in the section about fraud: "If your Password or PIN is used in such a transaction, you will be liable for the full debt, including interest arising from such use" Source: http://www.scotiabank.com/ca/common/pdf/borrowing/revolving_... In other words, if a thief somehow steals my PIN, I will be liable as a customer. If you still don't believe me, read any of the stories reported by journalists explaining how banks reject fraud claims when the PIN was used: http://mymoneycounselor.com/card-fraud-blame-shift Merchants may be responsible for verifying the customer's identity, but often they don't. This is why credit card fraud is prevalent. > debating the effectiveness of consumer fraud-protection is quite beside the point On the contrary, this is important in this debate. You can't use "zero-liability" as a reason why credit cards are superiors to Bitcoin when I prove to you customers are actually held liable in many cases. Bitcoin can be superior to credit cards, because when the wallet is properly secured (for example a passcode-protected hardware wallet), theft and fraud becomes increasingly unlikely, whereas credit card fraud continues to become a bigger and bigger problem, and banks increasingly shift the liability toward customers as I documented above. |