Re:Apple Card
by Skunkleton on Tuesday August 06, 2019 @05:06PM
(#20629636)
Right, after which some combination of the bank and the vendor eat the cost of the fraud. This in turn drives up prices and fees.
Regarding time investment, you are just rolling the dice. Most of the time the transaction will just reverse. Some times you will have to fight it.
Also, the big thing that chips bring is related to duplication. The cards can’t be duplicated and transactions can’t be duplicated. The PIN is just a second factor. This is distinct from US Debit PINs, which are the only “secure” part of that system.
Also, most sketchy things are caught by the usage pattern algorithms before the transaction is even authorized. If I just blatantly emailed my card number to someone in Nigeria and they tried to buy a bunch of stuff there it would never go through in the first place.
Keeping some short numeric digit a secret seems like a rather vain effort to me.
This is separate from my desire for security to increase. Yes, I want security to continually improve. But the lack of client side security in the US doesn't actually impact consumers in a significant way, if you ask me.