Blame Anti Money Laundering regulations and chargebacks. AML is a nightmare for banks, most BS they pull off is because the government is worried they won't be

Blame Anti Money Laundering regulations and chargebacks. AML is a nightmare for banks, most BS they pull off is because the government is worried they won't be able to steal all your tax money. Strong authentication is another BS regulation with the sole goal of killing small banks with Chargebacks are convenient for the customer - but they have a cost on the entire system, including banks caring about people stealing a CC and spending.