Mastercard introduces new service to mass-spy on customers, in order to sell to banks, purportedly so they can censor purchases of cryptocurrencies

submitted by SoCo from news.slashdot.org

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    [–]SoCo[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

    Even worse, the credit cards aren't even a settlement layer. They get those massive fees for a database, while your bank does all the actual heavy lifting with the settlement. Credit cards can't even do that part well, as they eat $100's million globally PER HOUR in fraud, which is growing every year and has a large impact on the global economy. They do this using their 1960's technology with a 1980's upgrade and a 1990's chip-n-pin, arguable downgrade, in security.