Oliver Stone

Oliver Stone
Untold History of the US

Wednesday, January 18, 2012

Master Card and Banks Protecting Merchants

Here's a quick anecdote.

Man gets a letter in the mail from Citi Bank informing him that his bank account "may be at risk for unauthorised use".

Man is advised to call bank at 1-800 number.

Man calls 1-800 number and is informed that in the past week his DEBIT CARD may have been "compromised" at a location where he ate, purchased goods or services.

Man asks Citi Bank customer service which merchant?

Citi Bank says "don't know". Continues to say that "MASTER CARD sent us a list of cards that may have been compromised and your debit card was on that list."

Man contacts Master Card and asks if his card has been compromised. Customer service in Florida says "we are contractually bound by privacy and cannot tell you which merchant your card was compromised at."

In other words a merchant has system hacked into.

A card number is stolen and may be used in the future, but Master Card won't tell the consumer where the incident occurred or when! Consumer must guess!

Bottom line: Citi Bank and Master Card care more about their merchants than their customers. As far they're concerned what does it matter that a customer is defrauded. He can just get another card and another number, no big deal!

And its no coincidence that updated credit card/debit card fraud statistics are no where to be found, because the big credit card issuers and their buddies in banking don't want the OMOTS to find out!

More to come on this issue in the next few days!

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