My point is that the fraud losses are so far not heavy enough to move the payment processing industry off the dime towards a really secure solution. A secure s

My point is that the fraud losses are so far not heavy enough to move the payment processing industry off the dime towards a really secure solution. A secure system might use your phone as its platform. E.g., the merchant's POS presents the bill to your phone via Bluetooth. If you approve, your phone prepares a payment request, encrypts it with the bank's public key, and sends it back to the POS. The POS then forwards it to the payment processor and receives back a message accepting or declining the charge. Elapsed time: one or two seconds. The obvious hurdle is winning acceptance for the new protocol and outfitting a zillion POS terminals all over the country and world to run it.