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It seems to me there is one way to prevent fraudulent credit card transactions, such as from those whose data was stolen recently.
This would initially be a large project for the credit card companies but would be well worth it in terms of effectiveness.
It is simply this: confirm all credit card transactions via mobile phone messages. And do so on a number known only to the credit card company and cardholder, so that even if the card and/or its data was stolen, the thieves would not know the phone that would be called for confirmation and so could make no transactions. As a card holder there would be a slight increase in bureaucracy but well worth it for assurance purposes. So if I am in a restaurant signing a receipt for a meal, I immediately get a text message on my (primitive) mobile phone saying ‘Do you want to pay €x to restaurant Y ?’ Only by pressing ‘1’ on my phone will the transaction actually go through.
This is so simple — the question is why it is not in operation already?
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