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Comment by wgj | Hacker News Reader

Good point, yet the remainder is still significantly more than 0.3%.

It seems fraud is much worse in the US. That could be a factor too. https://www.google.com/search?q=credit+card+fraud+us+vs+euro...

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Chip and pin, yo.

Chip only helps for cardholder present transactions. It doesn't help for other transactions such as online, over the phone, subscriptions etc.

You can only pay online with debit cards if you use two factor authentication in Europe (eurozone). It's basically free though (cash is more expensive to handle), unlike credit cards.

Verified by Visa/3d secure? It's not exactly two factors, it's just more tedious data entry you have to do. And I've got it turned off on my card.

Actual 2fa would be great. I was wondering about the enourmous amount of work that would enable websites to support contactless ..

No, the processor will redirect you to the page of your bank where you need to enter a code sent by sms by your bank. This is true 2fa, it works at least with all Russian banks I've used and I'm sure it works in EU the same way (I thought it was like that everywhere in the world?)

Nope. UK Mastercard, no verification or 2fa. I guess we're not as secure as Russia in this case!

That page always sketches me out, to boot. Could they have made it look/behave more like a phishing scam?

My EU banks (Sweden) implement 3dSecure with either a 2FA phone app or a physical chip card reader that signs a one-time code. Real 2FA.

My Austrian bank has actual 2FA and pretty sure that is nandatory in the eurozone for new cards.

Well you can always try the India model which is Chip and Pin for cardholder present transactions and mandatory two factor authentication for online. One result of this strict policy though is automatic subscription card billing is essentially illegal.

So far, the only result of the switch to chip cards that I've been able to see is that it takes about five times as long to check out anywhere.

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