Reply to post: Re: Refunds hide fundamentally insecure system

Met police commissioner: Fraud victims should not be refunded by banks

P. Lee Silver badge

Re: Refunds hide fundamentally insecure system

Card fraud is a possible cost.

Dealing with cash is a definite, rather high, cost.

Also, doesn't the merchant pay a small cut of each transaction? Cash doesn't provide that.

Also, doesn't the government love the fact that all electronic transactions are traceable?

We have financial interest and we have political interest. That will over-ride the fraud costs, which in the end, everyone pays through higher fees or higher transaction fees charged by the bank to the merchant and passed on to the customer in higher prices.

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