Banks will pursue these funds and call in collection agencies but in the end the majority will write-off the debt without understanding the root cause of the fraudulent loss. In many case banks don't even know about the problem so they don't have an incentive to fix the loss, ... Perhaps it's cynical to say this but banks would rather let people in and deal with fraudulent losses, which they pass on to retailers and customers anyway. There are many dedicated people in bank anti-fraud departments but institutionally they are not that motivated.
More Quotes from Avivah Litan:
You need a bank-owned consortium to pull the development of such a standard off,Avivah Litan
The government initiative gives a clear and loud wake-up call to a procrastinating U.S. banking industry that has not moved beyond relying on single-factor reusable password authentication.
Avivah Litan
It's not negligence. It's just kind of being asleep at the wheel when business is running smoothly, and then you get hit.
Avivah Litan
It's like a schizophrenic story. It's their No. 1 concern, but it's the bigger companies who can do something about it. Sometimes the cost of implementing these systems is higher than credit card fraud service and, depending on the price guarantee, small merchants might not want to buy it.
Avivah Litan
(It's possible) that a manager of a store has no clue they are doing it. The information can be buried in old software.
Avivah Litan
Banks are relying on the online channel for the lower communication cost. But as consumers start to think that they can't trust email anymore, companies will lose that channel.
Avivah Litan
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