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That's true but it's still possible to make a completely unauthenticated $4000 purchase with a physically stolen US credit card. I didn't mention this earlier

by Veratyr 11y ago

That's true but it's still possible to make a completely unauthenticated $4000 purchase with a physically stolen US credit card. I didn't mention this earlier but NFC payments over $100 generally only require a PIN be entered but this is a relatively (to signatures) painless process and comes with the benefit of requiring something not printed on the credit card. For small payments, NFC is faster. For large payments, NFC (at least as implemented in Australia, with PIN), is significantly more secure.

mikeash 11y ago
That certainly does sound better for fraud, but that's just a policy choice, not anything inherent to NFC or EMV. NFC could be without limits (I think that's how it is in the US) and EMV could require a PIN (as is typically the case in Europe). It would be interesting to see the breakdown of different types of credit card fraud. How much fraud is physically stolen card versus copied card versus online purchases? I have no real idea myself.