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I agree the system has to protect both sides and that may not always pan out completely. I'm genuinely curious what you think would work better. All systems hav

I agree the system has to protect both sides and that may not always pan out completely. I'm genuinely curious what you think would work better. All systems have drawbacks. Some of them may be systemic but those are harder to abuse than a waiter writing down your CC # and selling that to people who encode them on magstripes. I think with chip+pin it is at least a lot harder to be vulnerable. More and more credit card companies also have an app that you can easily report your card missing/stolen almost instantly. Also, if you have trouble with a 4 digit # of your choosing, then you should stick with cash which is still open to theft but not digital duplication.

8ytecoder 9y ago
If you are really interested, read this ArsTechnica article [1]. Interesting tidbit [2]. This makes it far superior to even chip+pin. You have to enable TouchId to use Apple Pay - there's the 2FA which doesn't requiring writing it down. It never sends the real cc number - no way for the waiter to even see it. It's a shame it's not catching up. Even in a tech-savvy city like SF it's adoption is abysmal. [1] https://arstechnica.com/gadgets/2014/10/how-mobile-payments-really-work/ https://arstechnica.com/gadgets/2014/10/how-mobile-payments-... [2] On top of that, Apple has introduced tokenization into its payment system. Like Google Wallet's Virtual Card, this obfuscates the user's actual credit card number, but it does so using a security standard developed by various standards groups and big-name card networks like Visa. It all happens without having to go through another bank as an intermediary supplier of a virtual card.