Apple and Google Pay are just as (if not more) secure anyway for the majority of transactions, and a long tail of US restaurants, hotels, corporate card issuers, rental car agencies etc. will simply never change their legacy flows. There are just too many incumbent stakeholders.
Even if fraud victims get their money back, firstly it must be an admin headache and then merchants have to cover fraud losses/insurance costs and thus mark up all their prices to make sure they do, so everyone is subsidising the fraudsters.
I presume it’s lobbying that would/does thwart any attempts at any such regulation.
As someone outside of the US I would like to be able to largely ignore this problem as just affecting people over there, but unfortunately it spills into the rest of the world.
When I last had fraud on my card it was through an online US merchant, because, like most US online merchants, they don’t use 3D secure. If they did then blocking the transaction for me would have been as simple as pressing the “it’s fraud” option when my phone would have received a “do you want to allow this transaction of $X for Y in the US?” that my bank’s 3D secure system normally sends to me.
Hopefully Apple and Google Pay will eventually help things over there.
These reduce the level of fraud, and the banks cover the rest.
The basic stuff (online shop not delivering, going bankrupt etc) are covered for debit cards in a similar way as credit cards in other countries.
I've never had a fraudulent transaction myself, and it's over 20 years since I first had a debit card — with a chip and PIN.
I haven't ever seen illegitimate direct debit. I guess you need to have an actual business to issue direct debit orders and bank will show you the door and freeze your money if you start doing funny things. I guess.
Probably the dreadful R word has something to do with it, go figure.
On cards we also have limits and the only time I saw something happening was after being unfortunate enough to pass through ~~the ghet~~ the glorious capital of our continental Empire, majestic city of Brussels. That time the bank tried their best to call me.
Chargeback always seemed strange to me and never needed it. Fraud should be reported and handled at the root, not by making digital transfers into some magic disappearing money.
But I did have someone fraudulently making direct debit transfers from my bank account. My bank cleaned that up within three business days
It's not much of an issue within the EU area. The banks tend to offer insurance products for people who want to cover that risk.
Single account sounds more like a boomer thing.