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07:27 Oct 24, 2005
English to Chinese translations [PRO] Tech/Engineering - IT (Information Technology) / Security
English term or phrase:limited consumers' liability to $50
The popularity of credit cards has also made it hard to justify any significant form of authentication at the point of sale. Credit card companies have long limited consumers' liability to $50, relying on fees paid by merchants to cover the cost of fraud, which is involved in about 1 percent of all transactions, says Avivah Litan, vice president and research director for payments and fraud at Gartner. And credit card companies depend on sophisticated fraud-detection systems that can reveal patterns of fraudulent use after very few transactions, limiting the losses.