Comment by elzbardico
17 days ago
Really, this is a non-existing problem in most places outside the US. Are you still using magnetic stripes?????
17 days ago
Really, this is a non-existing problem in most places outside the US. Are you still using magnetic stripes?????
It's a non existent problem in the US, too. The internet likes to blow things out of proportion, but not only are pretty much all payments made with tap to pay for many years now, even when it was magnetic strip, the incidence rate was miniscule.
> It's a non existent problem in the US
Dead wrong. Its still a big problem in the US.
https://www.kansascityfed.org/research/payments-system-resea...
> In 2023, 21 percent of U.S. consumers experienced financial fraud: 17 percent of all consumers (or 18 percent of consumers who own credit cards) experienced credit card fraud, and 8 percent of all consumers experienced non-credit card fraud (with some consumers experiencing both types of fraud).
Sure, we've now moved to do tap to pay and chipped cards for a lot of transactions. However, this is useless for online orders which just requires knowledge of the magic numbers which all are helpfully printed on the face of the card you hand to people, tell over the phone, or type into websites.
We need to move towards actually secure online payment systems.
Wireless POS card terminals are incredibly cheap, why people need to hand their cards to someone?
Waiter presents me the machine, I insert my card or wave it over the NFC reader of the machine, if I insert the card, machine always ask for pin, if I use NFC, it will ask sometimes based on some obscure criteria.
For really expensive transactions, eventually, I may get a notification on my bank app in the phone, asking me if I am really, really doing this, I authenticate with biometrics and click ok.
it is not that hard.
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We are moving towards it... if every site accepted both Apple Pay and Google Pay we'd be there. If we got there, you could make the case that we ought to all be able to file all the numbers off of our cards and never need to give them to anyone. But the problem is that even with 99% adoption, those secrets still have to be printed on the cards and used some percentage of the time to support the laggards -- and it only takes one hack or phish to defraud you.
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