[CJefferson]

The problem is that would have the opposite problem, that purchases made with stolen cards were 100% unrecoverable. While im sure we can improve things, the fact that the current system favors individual people, rather than businesses, is intentional, not an accident.

[kolinko]

Having a 2FA for credit card / wire transfer payments solves this issue and it's a de facto standard now in many European countries.

[happymellon]

How are people using stolen cards?

Do your banks not have 2 factor enabled?

Using the card not present should require a second factor, Visa Secure type of thing and in person should require your pin for non-frivolous amounts.

[dylan604]

In the late '90s when it happened to me, this wasn't even invented yet. In the US today, 2nd-factor is not widely used at all. Not once I have I been challenged by a 2nd-factor, and if I were to be, I'd have no idea what to do with it.

[happymellon]

If you were purchasing online then it will tell you to refer to your banking app. If it's in perso , them asking for a pin is pretty straightforward.

So who is pushing back against this? The networks already have it in place everywhere else, and since it's part of the transaction process there isn't a lot for stores or websites to do.

[zdragnar]

In the US, entering a PIN at the terminal is only prompted for debit cards, not credit, and even then you can usually opt to run the debit card as if it were a credit card and just scribble a fake signature.

[happymellon]

But that's a low hurdle to resolve.

The Fed should be able to phase in requirements. They've had decades so far.