It's not just the incumbent companies that limit innovation for their profits (although that's certainly in play). Some of the restriction on innovation comes from regulation and rules that are designed to prevent fraud, abuse, and illegal activity.
In other words, it's complicated. -- Christopher Manly Coordinator, Library Systems Cornell University Library Information Technologies [email protected] 607-255-3344 On 2/3/15, 1:16 PM, "Peter Loron" <[email protected]> wrote: >As someone else has noted, the current financial system is broken. Run >by companies who limit innovation and security to improve their profits. >It is also heavily balkanized. Transferring funds across systems and >across borders is expensive and slow. Credit/charge cards are > 50yr old >technology. WTF? > >I have hope that a decentralized scheme like Bitcoin will either triumph >or force the incumbents to up their game. > >-Pete > >On 2015-02-02 14:08, Adam Levin wrote: >> I remember Private Payments -- used it all the time. Too bad they did >> away with it. >> >> Nowadays, I have a different problem. One of my kids plays an >> Internet game based in France. I'm in the US. Every time she tries >> to buy game stuff, the card gets flagged. Every. Time. >> >> AMEX won't let it through regardless, even when I ask them to. Visa >> is better, but I still have to call a special number to let them know >> it's legit. About 50% of the time (yes, I'm keeping track), they tell >> me they don't even see the charge, and they want to call the game >> company because they think something's wrong with the actual charge >> processing. However, when we call back and get someone else, we are >> able to get them to put it through. The gaming company is using a >> French bank as the payment processor, so it's not even the game >> company. It's a lost cause -- what a hassle. It's nice that they're >> trying to prevent fraud, but if they make it too difficult to actually >> make purchases, that goes too far in the other direction. >> >> -Adam >> >> On Mon, Feb 2, 2015 at 4:15 PM, <[email protected]> wrote: >> >>> In the message dated: Mon, 02 Feb 2015 11:46:28 -0800, >>> The pithy ruminations from David Lang on >>> <Re: [lopsa-discuss] NIce Fraud alert system - American Express> >>> were: >>> => On Mon, 2 Feb 2015, Peter Loron wrote: >>> => >>> => > Yep, AMEX is usually pretty on the ball WRT fraud. >>> >>> That's been my experience too. >>> >>> => > >>> >>> [SNIP!] >>> >>> => > >>> => > The EMV isn't perfect, but it does reduce fraud. >>> => >>> => Does it make any impact on online/phone purchases? >>> >>> +1 to AMEX for fraud detection. >>> >>> -100 to AMEX for online/phone purchase fraud prevention. >>> >>> Many years ago, AMEX used to offer (free!) virtual credit card >>> numbers >>> called Private Payments. These were good for one-time use, with a >>> capped-maximum and 30-day validity. The "card" could be generated >>> on-demand after logging into the AMEX site. This was a terrific way >>> to >>> handle on-line purchases. Then they dropped the service. >>> >>> Mark >>> >>> => >>> => David Lang >>> => >>> -- >>> Mark Bergman > >_______________________________________________ >Discuss mailing list >[email protected] >https://lists.lopsa.org/cgi-bin/mailman/listinfo/discuss >This list provided by the League of Professional System Administrators > http://lopsa.org/ _______________________________________________ Discuss mailing list [email protected] https://lists.lopsa.org/cgi-bin/mailman/listinfo/discuss This list provided by the League of Professional System Administrators http://lopsa.org/
