No it's much simpler than that. You either confirm the transaction on your phone with pin or FaceID, without the card involved. Or if the amount is too high (50

No it's much simpler than that. You either confirm the transaction on your phone with pin or FaceID, without the card involved. Or if the amount is too high (50k+ at my bank) or you don't have your phone, you use a small device provided by the bank. The device reads your card, asks for the pin and then spits out a 2FA code to enter on the website or app. The old ones only did this code thing (usually with SMS as a backup way to get the code, but most banks have moved away from sms now). Some more advanced ones have a digital signing capability by taking a photo from a QR-like code on the computer screen and then displaying the signing code for you to enter. These advanced ones are a bit out of use now that everyone uses the mobile app, except for business accounts and larger amounts like my bank's 50k limit on mobile app confirmation. But I don't regularly transfer more than 50k in one transaction anyway. Edit: Here is a picture of one that we use with a large Dutch bank for our business account with the QR-code reading thing: https://4.bp.blogspot.com/-6c1NGHew1P8/VBqvTeqDQdI/AAAAAAAAfZs/j65cjnqU6-0/s280/649931.jpg https://4.bp.blogspot.com/-6c1NGHew1P8/VBqvTeqDQdI/AAAAAAAAf...