I live in EU, and it seems our systems are better protected against fraud.
I have MasterCard dual debit/credit card with electronic chip (EMV), but no NFC (radio payment). At the POS, I can select between the debit/credit function. I normally use debit for small purchases. It's immediately billed from my bank account.
Every transaction is authorized by my PIN, that I understand is required to extract the cryptographic authorization from the on-card EMV chip. Since two years, almost every POS now has an EMV reader. If you can't remember your PIN, the card still has the magnetic stripe and signature function, but you must show an ID for every purchase.
I understand that EMV + PIN systems are now mandated by the credit card issuers in that the retailers are covered by an insurance against fraudulent transactions only if they have an EMV reader. That is, in case a stolen card was used, the retailer will get its money if and only if they had an EMV system and/or asked to see ID if the buyer couldn't give a PIN.
There's also an online database of stolen card numbers against which larger purchases (>150€) must be always validated, and a 24/7 phone service for both reporting stolen cards and checking if a card is stolen. If the retailer can't access the database electronically, they must manually call in and validate the card using good-old telephone for those large purchases.
I have MasterCard dual debit/credit card with electronic chip (EMV), but no NFC (radio payment). At the POS, I can select between the debit/credit function. I normally use debit for small purchases. It's immediately billed from my bank account.
Every transaction is authorized by my PIN, that I understand is required to extract the cryptographic authorization from the on-card EMV chip. Since two years, almost every POS now has an EMV reader. If you can't remember your PIN, the card still has the magnetic stripe and signature function, but you must show an ID for every purchase.
I understand that EMV + PIN systems are now mandated by the credit card issuers in that the retailers are covered by an insurance against fraudulent transactions only if they have an EMV reader. That is, in case a stolen card was used, the retailer will get its money if and only if they had an EMV system and/or asked to see ID if the buyer couldn't give a PIN.
There's also an online database of stolen card numbers against which larger purchases (>150€) must be always validated, and a 24/7 phone service for both reporting stolen cards and checking if a card is stolen. If the retailer can't access the database electronically, they must manually call in and validate the card using good-old telephone for those large purchases.