With NFC set to take off in cellphones as a payment option will we get fraud protection?

Lord JezoLord Jezo Registered User regular
This pertains to the USA as we have nothing like this yet. I dont know what you folks in Asia do already as you already use your phones as a payment device.

Right now if my wallet is stolen or my card is swiped and someone goes on a spending spree I am not held liable for the thousands of dollars worth of Xboxes people will buy in Brooklyn.

Say the same thing happens with my (future) NFC Google Wallet enabled cell phone. Will Verizon and such keep me protected as well or if all sorts of crazy charges put on my cell phone bill will they say "Too bad" and make me pay for everything?

Visa, Mastercard, Amex.. they all have crazy complicated fraud detection systems that can usually tell if my card is stolen and someone goes nuts with it. Will Verizon and all of them be required to do the same thing or will it take a customer backlash from fraud charges to get things rolling?

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  • a5ehrena5ehren AtlantaRegistered User regular
    Well I think Google Wallet is tied to a CC, not your phone account. I also really hope NFC pushes everything to two-factor authentication (device + PIN) so that it makes it far more difficult for fraudulent transactions to take place.

  • Lord JezoLord Jezo Registered User regular
    That makes me feel better about Google Wallet then.

    I wonder though if the cell phone companies, or Apple with their marketshare, will release straight to carrier billing to cut out the middle man (credit card companies) and direct bill people for things.

    That's the situation I worry about.

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  • DjeetDjeet Registered User regular
    edited March 2012
    I don't think there is any requirement for CC companies to refund you fraudulent purchases. It's just they're so busy swimming in cash from normal operations that refunding fraudulent charges is an acceptable cost of doing business.

    That said I've worked with Google Wallet conflict/fraud resolution, and although they don't seem to be as quick to return funds as VISA/MC or my bank it's always worked out for me in the end.

    I doubt Verizon would do shit for you in this situation. It'd be between you, the thief, Google and your card issuer.

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  • GnomeTankGnomeTank Registered User regular
    Actually, CC companies are required by federal law to have fraudulent claim insurance, and to handle those claims. Bank are NOT required to carry this insurance on your debit card, which is why so many of us will tell you never buy things on the internet with a debit card...always have a real CC to do that with, and just pay the bill off every month.

    Some banks will cover you on that stuff, but it's their good will. CC companies have no choice, it's federal law.

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