4 ms·
As you say, it is orthogonal. Why not have both? You pay for the fraud with higher fees compared to a system where fraud is prevented by additional security.
by toohotatopic 6y ago
As you say, it is orthogonal. Why not have both? You pay for the fraud with higher fees compared to a system where fraud is prevented by additional security.
- alextheparrot 6y agoCredit cards do have this, that's one of the use-cases of the pin on the back. The eWallet products being pushed by various companies neatly bridges the chip/pin to the card, giving chip/pin style protections digitally. Most phones require you to use some form of passcode (6 digits, TouchId, FaceId) which are effectively pins prior to using a payment method. Additionally, there are secure chips in your devices to do the actual processing. This means that digital purchases through eWallet methods are effectively chip + pin while still getting credit card fraud protections.