I've used chargebacks much more often because of services not rendered than because of a lost card or because of stolen credentials.
replyThe chip on a credit or debit card is an HSM.
replyAnd mostly irrelevant for online payments.
replyTheir solution to that was a "security code" also printed on the card, lol
replyThe number printed on the card, and the magnetic strip are not.
reply>with no other real authentication
replyNowadays for the first purchase for a merchant it can require me to hold my card to my phone to prove that I have physical ownership of the card.
It's not common and usually doesn't benefit the customer to do that
reply