It said some records also included encrypted payment
card information, but it could not rule out the
possibility that the encryption keys had also been
stolen.
This is one of several things crypto currencies got right. You pay by pushing money to the other side.
FWIW I think the "one shot push" model of cryptocurrencies has some serious limitations which I think should be addressed by an "invoice" system - e.g. you can easily pay the wrong person, or even an address which doesn't exist and is owned by nobody! Not to mention dumb errors such as swapping the payment and tip fields. It would be better if the payee crafted a cryptogram for "please pay me (authenticated address) the sum of X", and the payer was simply generating an approval of that.
It would be better if the payee crafted a cryptogram
for "please pay me (authenticated address) the sum of X"
I would also expect a link type to evolve that browsers understand. Something like "payto:1fs8e...?amount=0.01&coin=btc" to pay 0.01 bitcoin to 1fs8e... Similar to the "mailto:user@host?subject=...&body=..." link type.
An when we talk about offline (paying for a restaurant or something) - isn't there a visual link type already? I am not a user of crypto. But I think I have seen barcodes or something used for this.
bitcoin:1fs8e...?amount=0.01
https://github.com/bitcoin/bips/blob/master/bip-0070.mediawi...
I have authorized bank withdrawals for paying some bills. This is the "pull" and I don't really feel all that comfortable with it. I once had an irritating issue where an no-longer-authorized withdrawal didn't stop properly.
But I also have scheduled payments, the "push" method, where my bank account will routinely send a configured amount of money to a configured account/company at a configured interval. I like this because of the control and responsibility it gives me.
Something I wish Canadian banks had was a better API for allowing me to say, "instead of paying $x each month, query the bill and pay the exact sum as long as it doesn't exceed $y".
Banks have not managed to implement a payment process for exommerce yet. You have to log in, fill out a form, do some kind of verification, wait for a day or more... yuck! That's fine for big transfers that only occur rarely. For a quick online payment it sucks. That's why nobody is using it for this use case.
Several European countries have an easy online payment process built on top of this.
Sweden has Swish, Denmark has MobilePay, the UK has created PayM (but with little use so far), Finland and Norway have similar systems. These are mobile apps commonly used for transferring money between friends/colleagues, or paying for things from very small businesses or casual transactions. They can also be used online.
There's an example flow with screenshots in the API documentation [1 PDF] for Swish on page 7. After selecting Swish at checkout, a message is sent to the phone app; the user opens it to authorize the transaction.
(And to the GP post: the automatic payments systems in Europe come with strong guarantees. The UK one: "If an error is made in the payment of your Direct Debit, by the organisation or your bank or building society, you are entitled to a full and immediate refund of the amount paid from your bank or building society" and "You can cancel a Direct Debit at any time by simply contacting your bank or building society." — the latter is implemented with a "Cancel" button against each authorized company in my online banking.)
[1] https://developer.getswish.se/content/uploads/2017/09/Guide-...
I had to:
* Do a phone call
* Fill out paperwork
* Wait for a new card to arrive
* Go through all services I use the card for and change itIt had the nice side effect of emailing me telling me that pyament for X service had been declined, and made me think twice about renewing it (netflix)
Also, what if you had currently been somewhere else around the globe. How would you gotten the new card?
I guess that may have been a concern, but it wasn't for me. We could come up with any number of scenarios I'm sure, but in reality travelling with a second card covers 99% of the eventualities.
Someone had fraudulently purchased a 23andMe kit on my card (weird, right?) and I only caught it because my account was abnormally low (~250 CAD). I phoned the bank right away and they cancelled the card number, put my account on watch, reversed the charges and I was able to go into the bank and get a new card on the spot. (VISA Debit, not a CC)
Why would you need to fill out paperwork? This seems to strictly be a problem with your financial institution and not with fraud.
>* Wait for a new card to arrive
I had my card replaced today because of fraud, my current card will work until I activate the new card which was overnighted (internationally, even) and should arrive monday.
I don't think that's a big issue.
> * Go through all services I use the card for and change it
All the services which I have subscriptions with seem to automatically update when I get a new card.
If the process of replacing your card is a hassle, your financial institution is fucking you over. It has nothing to do with fraud.
People are answering your trick question, and now you’re being argumentative. Your point has been (poorly) made, time to let it go.
It happened to my CC a year or so ago, and my wife just went through that with her debit card 2 weeks ago actually. In both cases, the bank actually alerted us about weird transactions, immediately canceled them and asked us to review online. We indicated that they weren't ours, the bank canceled our cards and sent replacements.
Now, updating services is indeed a pain. I have a policy of never saving CC information on websites (even though it would make "my shopping more convenient next time" as they say). I do that for safety reason, even though I have close to no illusion that they probably still keep it in their DB even when I decline. So for me it didn't really disturb my workflow when paying bills and all.
Why would you need to wait a week? I've always had my cards shipped overnight with fedex international first or equivalent.
Most of my bills are automatically paid on the card, so I had to update my payment information on ~20 sites. At 2-3 minutes per site (optimistic really), plus the fact that one site requires I fax in the request, means it easily took me over an hour.