Credit Card Companies Have Power to Terminate Spam - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

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.
Add to Favorites:

Related News:

Getting Quadruple Points with the New Business Gold Card by American Express

Posted: November 12, 2018

American Express is rolling out a new credit card for small businesses, offering quadruple reward points on the two categories in which they spend the most during the month. There are six categories they can earn these enhanced rewards in, ... Continue reading
Now Cardholders can use Ultimate Rewards for Apple Products

Posted: November 9, 2018

Chase credit card holders can now use their rewards to buy Apple products via the new Apple Ultimate Rewards Store. When shopping in the new store people with a Chase Sapphire, Freedom and Ink credit card can use their reward points to pay ... Continue reading
Contactless Credit Cards by Chase

Posted: November 8, 2018

Chase Cardholders will soon be able to make payments without swiping or dipping because Chase is going contactless. The new cards will have contactless technology built directly into the card. This way when they are at a contactless ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!