Yeah, amazing how the public routing number and secret can be used to empty an account without any further auth.
We need to end this madness. I was hopeful for chip&PIN but we just got chip&recurring transaction fraud. Places don't even try to check your ID, but now the card verification takes at least 4x as long without any additional meaningful security factors. As someone who has had cards stolen from their mailbox and activated + used, this is frustrating to say the least.
The majority of fraud is via counterfeit cards (which chip is effective against), not stolen cards. Most of the US credit card industry decided that they'd lose more by being the "difficult card" in your wallet than those transactions cost them. They're not just lazy or incompetent.
I am no fan of chip&sign, but there is added security from the terminal to the merchant gateway, where a very significant amount of card theft has traditionally occurred. The POS system can be compromised and your card number is still safe.
We need to end this madness. I was hopeful for chip&PIN but we just got chip&recurring transaction fraud. Places don't even try to check your ID, but now the card verification takes at least 4x as long without any additional meaningful security factors. As someone who has had cards stolen from their mailbox and activated + used, this is frustrating to say the least.