We have lived in the US for 18 months now and had to deal with more fraudulent charges on our cards and bank accounts (about $2000
) than in the previous 30 years of living in Europe (a nice round $0).
I just don’t understand everyone is ok with this broken system.
There is definitely no economy or regulatory incentive to reduce fraud, but I don’t quite understand why having a large and old market is a problem. The EU is larger and fixed it in a shorter amount of time. Contactless won’t solve it either…
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The why it was explained to me by Americans was "We pioneered the credit card and the magstripe, and once we have something working, we stick to it. It takes an enormous force for us to change the whole country's payment system."
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The EU is much younger and doesn't have a single currency system (yet). Americans expect to be able to go to any state and pay for things just like at home. The EU is much more diverse in payments. Europe even more so.
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