Re: [Sheflug] Re: bounce

[Will Newton <nospam [at] misconception.org.uk>]

On Wed, 10 Jan 2001, Stephen J. Turnbull wrote:

> C'mon, Will, I think about this stuff for a living.  Theory and
> history are unanimously in agreement with me.  The only way to make
> "consumer protection" work here is to make the banks take the risk,
> and you can't.  They'll shut the business instead, because they're
> _incompetent to handle the risk_---as you have pointed out.

OK. Fair enough. But I believe:
1) Using the internet is no more inherently dangerous STATISTICALLY than
going to some dodgy garage where they take your card in the back "where
the lights better" or whatever.
2) You pay more for internet protection. Seriously, is carrying your card
to the shops any safer? If you live in a dangerous area?

My money says the banks are minting it off people paying for "internet
protection".

Oh yeah, and my understanding of the Consumer Credit regulations is just
that the banks do take the risk. That's why you pay exorbitant interest
rates. To cover fraud which what the banks pay for.


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