Starting with the fact that a static low entropy factor is a terrible idea to begin with
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Not to mention chip & PIN are slow, which impacts consumers and retailers alike. See hockeystick adoption of contactless in CA, AU, NZ
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Replying to @rr @ozkanaltuner
All of those are true, but it is undeniable that it works: Chip+Pin only networks see 6x times less fraud than ones relying on Chip+Signature
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Replying to @thijsniks @ozkanaltuner
Sure but if liability shifts to consumer on the fraud that does happen, that’s a worse outcome. The other participants bear the majority of the cost of PIN.
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Replying to @rr @ozkanaltuner
The fraud that does happen is so limited that I'm not sure if that really is a worse outcome though
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Replying to @rr @ozkanaltuner
The remaining fraud is mostly scammers doing contactless transactions without pin with stolen cards (max €50 loss in most of Europe) or scammers recording pin entry and then stealing the card (rare). I don’t think it’s unreasonable to have consumer liability for the first case.
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Replying to @thijsniks @ozkanaltuner
Respectfully disagree. While unauthorized charges are probably just an annoyance for you, a stack of €50 charges is a big deal to most folks.
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Replying to @rr @ozkanaltuner
It’s definitely a large amount of money for a lot of people, but the system clarity still seems the better tradeoff to me. I do think individual card users should have the ability to set their own pinless transaction limit for which they feel comfortable.
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Very cool. I just checked and one of my European banks does allow for setting my own contactless limit between €0 and €150, whereas the other one does not.
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