The biggest lie is that the credit card companies eat these losses. It is often the merchant who gets nailed. I lost 5 grand last year when I sold some equipment to someone with a stolen credit card. Chase Manhattan and Cardservice said: yes, it was a fraud and forgery, and we gave you an approval, but f@ck you anyway. The money was removed from my account, never to be seen again.
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The biggest lie is that the credit card companies eat these losses. It is often the merchant who gets nailed. I lost 5 grand last year when I sold some equipment to someone with a stolen credit card. Chase Manhattan and Cardservice said: yes, it was a fraud and forgery, and we gave you an approval, but f@ck you anyway. The money was removed from my account, never to be seen again.
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