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Wake up and smell the fraud
Planet Money
Triangulation Fraud - Who Pays?
The fraud will initially be detected by the people whose credit cards they've stolen. Eventually, George might notice an unfamiliar charge but his bank will make him whole. So who does pay? When I first started working on this story, I thought that Nina's coffee and her extra Nespresso maker all ultimately got paid for by the banks. But Patrick told me, no. The banks also have a way of passing on the cost of the fraud.
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Listen to the best highlights from the podcasts you love and dive into the full episode