@Anonymous wrote:
@Anonymous wrote:
Actually, credit cards will continue to be the better option even if rewards go away. Neither cash or debit are secure in that losses are on the FI who issues the card.
Although probably harder to push through in the US, this could be "nerfed" too. In the UK, once chip&pin was implemented, issuers were able to push the burden of proof on to the customer, if the correct PIN was used (on a card present transaction), either a) you did the transaction, or b) you had kept the PIN with the card breaking the rules. There have been several cases where something went wrong and the transaction was indeed fraud.
But even without that, the standard of proof demanded could increase, you have to prove (to some level) that it wasn't you that made the transaction, have a police report, sign a notarized document etc.
Hopefully not!
There’s a simple reason why they won’t try to put that burden on consumers though and if you’re a conspiracy theorist, the same motivation could be behind chip and signature debit cards. Credit card companies want you to use credit cards for everything and a great way to do that is to make them the secure way to pay, with zero fraud liability.
Besides, issuers already will take action when a consumer is suspected of trying to game the system with fraud disputes — it can get your card shut down.
And regardless of the rules involved, debit and cash are both cash. Fraud causes an immediate loss, even if the bank reimburses it in the end. Credit is not a material loss unless you lose the investigation and then pay the bill.
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