Comment by NicholasN
3 years ago
Unfortunately this is mostly an American issue. CC fraud in Europe is minimal because cards have an embedded PIN required for each transaction. In addition, when purchasing online, an instant pop-up on your mobile phone asks you to approve or decline the transaction within 2 minutes. Contactless transactions under $25 do not require PIN or pop-up verification. These options are considered inconvenient for American consumers so we eat the fraud and sign receipts like is 1989 :-)
I'd expect fraud to rise in Europe soon, since the pin part of that protocol can be bypassed:
https://www.zdnet.com/article/chip-and-pin-is-broken-say-res...
The mobile popup is a reasonable mitigation though; it seems likely to limit fraud to small purchases, or encourage sim swapping, etc.