The answer is simpler: it's not that big of a problem to the people that would need to solve it (visa, banks)
Yes, it' billions of dollars per year, but that's on a denominator of trillions.
> In 2022, global payment card transaction volume surpassed $40 trillion, with the U.S. accounting for over $9.5 trillion 1 . If we consider the $5 billion in unauthorized purchases reported by Security.org 2 , the percentage of fraudulent transactions in the U.S. would be approximately 0.05%.
1 - https://docs.google.com/document/d/1tudQcmL8lNH49iZZ8wRB88KW...
That's not wrong, but it misses the point. It's not worth the bank's time to solve it, but for me it would produce a pretty damn good ROI. All I needed was one entry point into the system, but I couldn't find it.
That's actually the start of a multi-part series:
https://blog.rongarret.info/2013/02/a-simple-solution-to-cre...
https://blog.rongarret.info/2013/02/a-simple-solution-to-cre...
https://blog.rongarret.info/2013/02/a-simple-solution-to-cre...
https://blog.rongarret.info/2013/03/cutting-to-chase-repeal-...
https://blog.rongarret.info/2013/03/a-simple-solution-to-cre...
Keep in mind all that was written twelve years ago and the world has changed a lot since then.