Hacker News Reader

From the article: "Banks say interchange fees help cover the cost of fraud. Retailers argue that fees should therefore decrease if fraud is reduced."

In my three year history of taking credit card payments online there has never been a time when I was not made to bare the entire cost of the chargeback plus Stripe's chargeback fees. So I am wondering When, if ever, does the bank or the processor bare the costs of a fraudulent purchase?

View on HN

Does Stripe do in person payments?

EMV reduces fraud a whole lot for card-present payments. It does absolutely zero for online transactions, due to some unfortunate history around (not) integrating chip readers into laptops and desktop computers.

> From the article: "Banks say interchange fees help cover the cost of fraud. Retailers argue that fees should therefore decrease if fraud is reduced."

Austria is chip&pin only (except for american cards which are allowed to do magstripe) and interchange fees are < 1%. Sure, part of that has been the EU forcing the networks down to that level, but this could not have been done if Chip&PIN was not in place.

Reply on news.ycombinator.com