So now youve lost your merchandise, youve been charged a fee for getting ripped off, and on top of all that, they still keep the transaction fees.

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AirTags macOS 11 Big Sur iMac AirPods Studio Apple Glasses Foldable iPhone See full product calendar 1Password Introduces New Virtual Cards for Safer Online Payments, Coming Soon as Safari Extension Tuesday September 22, 2020 8:31 AM PDT by Mitchel Broussard 1Password today announced a new partnership with Privacy.com, allowing users to make safer payments online by creating virtual cards that are unique to each of your online accounts.

Each virtual card is locked to a particular merchant, and can only be used for that site or service.

This way, if the card details are ever exposed in a data breach, it cant be used elsewhere.

The virtual card will funnel payments from an existing credit or debit card, or banking account.

The card can be saved in 1Password for easy access, and when you go to enter payment again, 1Password will prompt users with their existing virtual cards.

Score: 21 Votes ( Like Disagree ) ispcolohost 22 hours ago at 10:34 am One of my credit cards offered this about 10 years ago, then stopped offering the feature without explanation.

Honestly, Ive missed it ever since no idea why it was discontinued.

I can tell you why card issuers stopped doing this; nearly every step of the payment path makes money on fraud, so their intent is to make it sound like they want to stop fraud, while really wanting it to continue.

Heres how it works.

Criminal obtains a stolen card and places an order on website XYZ.

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That website uses a payment processor, who is responsible for taking the card from website software to payment network, and possibly doing things like address validation, CVV check, etc.

They charge a transaction fee for this, perhaps 5 to 25 cents depending on volume.

Maybe the website owner has some add-on services like anti-fraud filters, which add an additional few cents to the transaction fee.

Typically, if the transaction had been declined because it was a one time use credit card that was no longer valid, the fee would not be assessed.

So, first entity involved would lose money by stopping fraud.

Now the payment network gets a taste; this would be larger behind the scenes entities.

Finally, the business owners merchant account, the card issuer, and VisaMC all get their taste.

Youll typically pay the largest of the fees to your merchant account, the one whos handling the actual moving of money.

Theyll take a couple percent; perhaps less than 2 for a large company, or as much as 2.7-4 as a small biz.

Now, if the shopper used a rewards card, the card issuer and VisaMC tack on some additional basis points, because rewards arent free, the sellers actually pay for your rewards by way of higher fees they cant escape, since they arent allowed to not accept rewards cards.

Merchant now ships your product if it goes out the door before the cardholder realizes their card has been used.

Card holder later realizes the fraud has occurred, disputes the charge.

The merchant account provider VisaMC charge the merchant a fee for the privilege of having been ripped off and having a chargeback.

They will immediately deduct the disputed amount from the merchants account, hit them with a 10-20 or even 30 chargeback fee, and ask for documentation proving the cardholder agreed to the charge, which is of course impossible with internet transactions unless you did some kind of really expensive identity validation where that third party validates and guarantees the identity.

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