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Prison for you!
A Brooklyn man has pleaded guilty to aggravated identity theft for his role in an operation that defrauded credit card issuers of almost $800,000 in bogus charges. Jonathan Oliveras, 26, also pleaded guilty to wire fraud and admitted to managing scheme to purchase stolen credit card information from people in Russia and then …
Prison for you!
Oi! US Banks! Get chip and pin, kill the magstripe. It won't kill CNP fraud, but it would have seriously curtailed this sort of fraud.
No CNP here please. Why? Banks will insist on it being your fault.
It's written into law in the UK that banks have to show without doubt that the customer was responsible for fraud. A transaction being chip and pin approved isn't proof because the PIN could have been shoulder surfed.
Furthermore: Are you happy to put up with a multi-million dollar crime industry because it's inconvenient to use methods - albeit not perfect - which are already available to stop it?
I do believe that if CNP came to the US they would use the cheapest crappiest method to implement it as it would cause havoc. IE NFC on credit cards. In other countries they use a different CC number for the NFC transaction.That way if they do clone the NFC number it has to be used in person at a place that takes NFC as payment. Nope not here they use the same number so I can clone the damn card with it leaving your wallet .
1) They don't use the same number.
2) You'd have to be within 10cm-ish to make it work
3) There is the issue of the cryptographic exchange to get a transaction made.