Credit cards do have checks in place to immediately flag them as fraudulent. This is not related to bitcoins and they never said it was. On top of that, if you use a stolen credit card to buy a steam game and the original owner files a chargeback, your entire steam account gets banned. So yes it's extremely relevant here. Then you spend the BTC on steam. Then once the credit card is reported as stolen and a chargeback filed, it's the crypto exchange who gets hit. The chargeback is never associated with Steam and you can buy Steam games from a lower-priced market without the CC company ever being aware.
NicoJuicy 8 months ago root parent prev next [—] I literally had to approve with my bank to verify payment of a relatively large sum. My credit card got into a locked state for a while every month, when Vulture did a approved monthly charge. There are plenty of systems that verify things out of the ordinary.
It's not because you haven't encountered it, that they aren't there. Additionally, stolen credit cards can be marked as stolen. Which would block any future payment with it. Fraud, in the form of chargebacks. In a credit card chargeback, a credit-card paying customer asks the issuing bank the bank that gave them the card to reverse a transaction made with a merchant. This can happen for a variety of legitimate reasons.
A merchant may not have delivered the promised goods or service, or it may have been faulty. Sometimes, however, the owner of the card perpetrates their own fraud, by trying to reverse a legitimate financial transaction. This can happen a lot on the Internet, where companies are dealing with large numbers of unknown customers half a world away.
Chargeback target This happened to Joey Rich, who found himself at the wrong end of a steep learning curve in Having purchased some coins, he began selling them at a profit. He explained that a combination of lost credit card revenues and chargeback fees led to a loss of his funds. As my my bank account went into the red, I started getting hit with overdraft fees as well, so it was quite a fiasco. Too many chargebacks raises flags against your account. Eventually, his account was terminated, and Rich was added to a blacklist.
It took him a year to sort it out and limp away with some money. In the interim, he had closed the exchange down while he figured out a way to handle credit cards more effectively. In , Rich reopened the site, this time with identity verification features, including options for users to upload a scan of their driver's license, to log in with their Facebook account, and to be geolocated using HTML5 in the browser which he claimed is far better than geolocation by IP address.
At this point, Rich was using a different credit card processor. The rewards are ease and convenience, though, and depending on the customer demographic, are simply too tempting for some exchanges to resist. After that, other mechanisms may be preferable.
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