Paul
Identity theft and online fraud mainly occurs because consumers leave their credit or debit data to intermidiaries' systems and networks. These systems are the weakest link and more prone to attack. The solution of the PIN in the card still forces online consumers to leave their credit data to these intermediaries.
Have you seen what the guys at www.kanatait.com are proposing? They argue that plastic cards (with chips or PINs) shouldn't be used in online transactions. Instead credit data is only seen and approved by the financial institution or credit card issuer and nobody else. Now that is a more compelling reason to eliminate fraud...
Biting the hand that feeds IT
