Last week, Blippy, a Twitter for purchases, created quite a stir when it was revealed that the company had exposedthe credit card numbers of several users.The company's co-founder, Philip Kaplan, sought to downplay the severity of the mistake but as more and more individuals cozy up to the growing number of services that encourage 'oversharing' of financial-related information online, a number of parties involved with commerce will be affected.
Here's how this could play out.
Credit Card Holders & Issuers
In attempting to reassure Blippy users that the company's faux pas was "a lot less bad than it looks", Blippy co-founder Philip Kaplan wrote:
While we take this very seriously and it is a headache for those involved, it’s important to remember that you’re never responsible if someone uses your credit card without your permission. That’s why it’s okay to hand your credit card over to waiters, store clerks, and hundreds of other people who all have access to your credit card numbers.
Unfortunately, Kaplan apparently hasn't read a cardholder agreement lately. In practice, credit card issuers rarely hold their cardholders liable for purchases that are truly unauthorized. But that doesn't mean that they can't.
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