Credit card fraud costs Americans billions every year. Yet major banks and card issuers continue to ignore common-sense solutions that could dramatically reduce fraud—many of which are already available.
From mobile wallets like Apple Pay and Google Wallet to real-time purchase approvals, here are seven ways to prevent credit card fraud that banks could implement today—but choose not to.
In the realm of governance, regulation stands as a bastion against the excesses and abuses of power. Its purpose is noble: to safeguard the interests of the public, ensure fair competition, and maintain the integrity of markets. Yet, lurking within this noble mission lies a perilous phenomenon known as regulatory capture.
Regulatory capture occurs when regulatory agencies, tasked with serving the public good, are gradually co-opted or influenced by the very industries they are supposed to regulate. Instead of acting as vigilant watchdogs, these agencies become more like compliant lapdogs, serving the interests of the industries they were meant to oversee. The consequences of regulatory capture are dire, eroding public trust, distorting markets, and allowing unchecked power to flourish.
Regulatory capture refers to a situation where regulatory agencies, which are supposed to act in the public interest by overseeing and regulating industries, end up being heavily influenced or controlled by the entities they are meant to regulate. In other words, regulatory capture occurs when the regulatory agency becomes captured or "captured" by the industry it is meant to oversee, resulting in the agency acting in the interests of the industry rather than in the broader public interest.
Regulatory capture itself is not illegal, but it is widely considered to be an undesirable and problematic phenomenon. Regulatory capture occurs when regulatory agencies, which are supposed to act in the public interest, are influenced or controlled by the industries they are meant to regulate. This can lead to regulatory decisions that favor the interests of the regulated industry rather than the broader public interest.
Regulatory capture refers to a situation in which regulatory agencies, which are supposed to act in the public interest by regulating industries, end up being influenced or controlled by the very industries they are supposed to oversee. In the context of economics, regulatory capture refers to the phenomenon where regulatory bodies become more responsive to the interests of the regulated industries rather than the interests of the general public. There are examples of regulatory capture in just about every industry that is regulated by the Government.
