Credit Card Companies Have Power to Terminate Spam - Other News

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Credit Card Applications » News » Other » Credit Card Companies Have Power to Terminate Spam

Credit Card Companies Have Power to Terminate Spam

Credit Card Companies Have Power to Terminate Spam
The content is accurate at the time of publication and is subject to change.

If Visa and MasterCard took steps to block certain credit card transactions with three foreign banks, you could hit spammers in their wallets and drive a lot of them out of business. At least that’s the conclusion of a study by a team of computer scientists from two University of California campuses.

The Study

These researchers, who coined their study of email spam as “spamalytics,” conducted a three-month study. The mission of the study was to receive as many spam emails as they possibly could during the three months. As the spam email messages started rolling in, not only did they open them but they also took it a step further and clicked on the link or links that the emails contained. If the link led to a product to purchase, the item was purchased. Nearly a billion messages were opened and 120 purchases made.

The scientists were hoping to find a way to figure out at what point they could eliminate spam emails altogether.

The Results

The results of the study may astonish you. It turns out that 95% of the transactions for the purchase of drugs and herbal remedies marketed through spam email blasts were processed by the same three banks — all located outside the U.S. where these merchants had banking relationships. This means that if credit card companies, such as Visa and Mastercard, refused to handle the transactions of these three foreign banks, those hated email messages could potentially be eliminated.

The Outcome

Merchants have to work with a bank in order to process credit card transactions. Banks have the right to refuse to work with a merchant if they feel the merchant is questionable or the product they are selling is illegal or shady. Because the scientists conducting this study were able to identify the three banks willing to handle these merchant transactions, the potential to shut down these operations just took a giant step forward.

According to the New York Times, Visa refused to comment. But Steve Kirsch, chief executive of anti-spam company Abaca Technology, was quoted in the Times saying, “if the credit card companies wanted to shut down the spammers, we could easily aid them in rapidly and unambiguously identifying the merchant accounts used by spammers.”

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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