[Nitramp]

I think an interesting meta take is the question why payment processors employ these draconic fraud protection mechanisms in the first place.

I think it boils down to the prevalence of using simple magnetic stripe credit card payments. While chip-and-PIN or Google/Apple pay are of course also subject to fraud, not having even a first factor (pin/password/fingerprint) makes card copying and theft viable in the first place.

I have no data, but I'd bet that you get substantially less fraud if you only process transactions with a first security factor, and you can probably still improve on that with a second factor (e.g. text message to authorize).

As a consumer, I have to deal with declined transaction frequently (I moved which creates a mess for ZIP based "auth", another cause is using cards outside my home country); I find the whole situation hugely frustrating.