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I see the US Model as "Optimistic". Let the transactions through and fight back fraud with a strong chargeback mechanism.

Whereas the Indian Model is "Pessimistic". Put in as much checks as possible to reduce the rate of fraud before the transaction has even completed.

Thoughts?

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I love it. The optimistic model forces me to be hyper aware of all my banking activities and know when fraud happens retroactively. All the Indian regulations mean I effectively don't have to worry as much unless something serious happens. CC stolen? I don't care they won't have the pin or the secure pin used for online transactions so it's useless and I can just close the card on the banking website. Mobile phone stolen? They won't have the pin to do UPI transactions so they can sell my phone but not have access to any of my banking activities. It's a total Erin. This new regulation helps prevent my card info from getting leaked by all these cheap sites with intern developers

yesterday saw a family member get an sms "your jio mobile e-kyc is pending. please call 6006xxxxxx number to get your e-kyc done so that there is no disruption to your service". this came after trai decided to https://telecom.economictimes.indiatimes.com/news/trai-pushe...

this means, anyone who read the news understood this was going to happen and scammers put their numbers and sent out sms. any unsuspecting user would just call them whereby they would ask their aadhar card, pan card, otp and you are fucked.

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