Buying Vanilla Reload and/or Visa Vanilla Reload with a CC in the NY area

[TimT]

Interesting.... This may be the catalyst....

http://blog.northjersey.com/meadowlandsmatters/8149/2-arrested-at-borgata-in-alleged-credit-card-fraud-scheme/

H/T: @redbirdsj / FT

Wouldn't requiring to show photo id matching name on cc solve that ?

[TimT]

CVS has known about this for sometime...am sure the FBI and CVS have been investigating this for a while...

secret service

[BarryLincoln]

secret service

My bad

[BarryLincoln]

secret service

Not sure which one is worse...

[TimT]

Not sure which one is worse...

fbi

[TimT]

Can't they do the same fraud using AP ?

[AJK]

CVS has known about this for sometime...

Source?

[BarryLincoln]

Source?

What would give you that impression?

[BarryLincoln]

Source?

Don't you think the Secret Service has been working jointly with CVS in their investigation into these crooks.  I imagine our good friend, Cary Cheney, has been involved in the investigation as well. Change in policy not a surprise here given the scale of the fraud.

[AJK]

Don't you think the Secret Service has been working jointly with CVS in their investigation into these crooks.  I imagine our good friend, Cary Cheney, has been involved in the investigation as well. Change in policy not a surprise here given the scale of the fraud.

You realize requiring ID, which they've done for >6 mos, would negate >90% of that, right?

[TimT]

You realize requiring ID, which they've done for >6 mos, would negate >90% of that, right?

What do you think the real reason is for the change ?

[BarryLincoln]

You realize requiring ID, which they've done for >6 mos, would negate >90% of that, right?

You are right but....  my experience is that the purpose of the ID check is to track VR purchases to keep within the daily limits.  Very few cashiers, if any, actually take the time to compare names on CC and DL. 

[HDS]

10% - not of VR sales, but 10% of the FRAUD (so maybe, what 0.10% of sales? Something like that?) - left over after the ID checks is still really really expensive. If the margins are as low as we think they are for CVS, it just makes sense for them so that they don't have to waste time and money on it.

[ushdadude]

10% - not of VR sales, but 10% of the FRAUD (so maybe, what 0.10% of sales? Something like that?) - left over after the ID checks is still really really expensive. If the margins are as low as we think they are for CVS, it just makes sense for them so that they don't have to waste time and money on it.

Makes sense. There's a reason no other chains allowed cc to begin with

[AJK]

What do you think the real reason is for the change ?

i) They lose $ on each VR sold; ii) purchasers of VR hold up lines; iii) fraud possibility; and iv) they're not the loss leader they originally thought.

[TimT]

i) They lose $ on each VR sold; ii) purchasers of VR hold up lines; iii) fraud possibility; and iv) they're not the loss leader they originally thought.

I thought they charged a fee when purchasing.

[AJK]

I thought they charged a fee when purchasing.

...which is not mutually exclusive with what I said.

[CS1]

i) They lose $ on each VR sold; ii) purchasers of VR hold up lines; iii) fraud possibility; and iv) they're not the loss leader they originally thought.

I would think that they'd keep a portion of the $3.95 for profit or that BB reimburses for most of that expense.

BB gets the cash flow, the business exposure, and there's a lot of potential for them to compete with B&M banks with several new products. Hope it stays purchase-able via cc throughout April+....

[AJK]

I would think that they'd keep a portion of the $3.95 for profit or that BB reimburses for most of that expense.

BB has nothing to do with it.

[yitzy1]

You realize requiring ID, which they've done for >6 mos, would negate >90% of that, right?

I don't know if u realize but anyone can get a fake id for $150 so not so hard to steal a credit card & then get afake id that scans in the same name