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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(It also can’t be a stack of €50 charges — a pin is required after 5 transactions without one or when you cross total spend of €50 without one. So maximum loss is €50, which is still a lot for many)
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Replying to @ozkanaltuner @rr
Cash retail usage in EU is 79% https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op201.en.pdf … vs 26% in US https://www.frbsf.org/cash/publications/fed-notes/2019/june/2019-findings-from-the-diary-of-consumer-payment-choice/ … But: - 72% of EU buys online https://ec.europa.eu/eurostat/statistics-explained/index.php?title=File:Internet_users_who_bought_or_ordered_goods_or_services_for_private_use_in_the_previous_12_months_by_age_group,_EU-28,_2009-2019_(%25_of_internet_users).png … vs 58% US https://www.oecd.org/going-digital/unpacking-ecommerce.pdf … - 18% of EU sales are online https://ec.europa.eu/eurostat/statistics-explained/pdfscache/14386.pdf … vs 12% US https://census.gov/retail/mrts/www/data/pdf/ec_current.pdf …
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That cash usage difference is so big that I almost don’t trust the methodology
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