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If you want to do it faster, you need government regulation. Magnetic stripes have been phased out in the EU for a couple of years. And additionally online card
by yarcob 5y ago
If you want to do it faster, you need government regulation. Magnetic stripes have been phased out in the EU for a couple of years. And additionally online card payments all require 2FA in EU.
As a result, there's barely any credit card fraud in Europe.
You can't expect the industry to invest in infrastructure if dealing with fraud is cheaper in the short term. You need to force them.
- deelowe 5y agoGovernment regulation is what's pushing it already. Credit card companies are liable for fraud. Mag stripe has become extremely insecure now that just about anyone can build a reader. So the CC companies are moving to chip and rfid based systems. The bad news is that these new systems are considered so secure that the CC companies have much more limited liability. So that's likely to be a problem eventually.