Hi Folks,
I'm wondering about the mechanism underlying say on-line purchase.
Superficially, it seems you tell someone your card number, and they then somehow communicate with your bank and get money out of your account without further intervention by you.
If that's all that's needed, then anyone who knew your card number could do the same. So does anyone know what the underlying mechanism is which authorises the bank to hand out the money when asked by someone who knows your card number?
I suppose a similar question arises when someone knows your bank's sort code and your account number (as when you authorise a direct debit or standing order). Though I suppose, in that case, there's a piece of paper signed by you which ends up at your bank. But would it be possible in the absence of a signed authorisation? (I think I've actually done this when paying a bill on-line, though my memory is now not sure of the details).
Somewhat curious ...
Best wishes to all, Ted.
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