Credit card suit now seeks damages

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PIN based transactions

PIN based transactions have been in use for more than 20 years. They don't suffer from the same vulnerabilities that signature cards do. The associations and banks are well aware of and all currently use technologies that would eliminate these problems. However, they are unwilling. Becasue 7 banks control 90% all credit and debit cards issued and all 7 are board members of Visa and MasterCard. This is the classic definition of price fixing and a duopoly (Visa and MasterCard). Fraud generates more than 40% of their income. Why would they want to stop fraud?

Posted by: 21stcenturyvisionary   Posted on: 07/07/05 You are currently: a Guest | Members login | Terms of Use

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