Earlier quoted context omitted.
>it's an unsolvable fraud/scammer problem. credit card companies and traditional banks and credit unions handle it fine. >Too many people, scams and fraud become big problems. if the solution to fraud is un-fixable account freezes, you have not actually solved anything. It is fraud itself.
They most certainly do not "handle it just fine". They are highly scammable, they know it, and it's "solved" my moving as much of the burden and repercussions onto the consumer as possible. I've had my identity stolen, and both my wife and I have been mistaken for somebody else. There ARE way to move past this condition (inline with Google Pay, apparently), but it's just done via trust. Or apathy. Or acceptable risk.…
I've had fraudulent charges on my credit card several times, and I've had checks stolen, and in no case I had any repercussions and financial burden shifted on me. I didn't pay a cent, and both credit companies and banks never tried to claim I am responsible for it - they rolled back the charges and reissued account numbers and that was it for me. Maybe I'm just exceptionally lucky, but my impression from other people that this is what happens in most cases like mine. Of course, whole full-blown identity theft is a different matter, probably harder to handle.