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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 232.58+0.1%11:07 AM EST
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To: i-node who wrote (89392)1/2/2000 12:12:00 PM
From: Glenn D. Rudolph  Read Replies (1) of 164684
 
I agree this is a problem; however, I also think a solution is on the horizon. There are any number of ways of dealing
with it. Also, with the credit card companies seeing 2% of ALL SALES on the internet you can rest assured they are
not afraid of a little fraud. They LOVE e-commerce.

I do believe, however, that when fraud and abuse become significant issues for the credit card companies, they will be
motivated to deal with it. Ultimately, it will take the form of requiring the card to be swiped at a $29 mag stripe
reader or some similar technique.

David,

I agree with your post except I do not foresee the magnetic strip. Solutions that are currently being practiced are requiring the toll free number on the back of the credit card
that is used to report fraud. That number is unknown to most unless the card is in hand. Also, the billing address matching the card number systems are being perfect to automate this check. Most people with stolen credit card numbers do not know the exact billing address.

I guess my point is the processing firms are already experimenting with ways to reduce this fraud and I have no doubt that will figure out a cost effective way. A card reading strip seems inefficient in my mind but who knows?
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