I'm think you wrong on that one. Financial cost and benefit are easily
assessed on this, and I think the numbers add up. Credit card fraud
costs in the hundreds of billions of dollars a year, much of which
could be eliminated by a change to the sort of system I
mention. That's not a small amount of money. Indeed, it is more than
enough incentive for a major change.

Credit card fraud has gone *down* since 1992, and is actually falling:

1992:  $2.6B
2003:  $882M
2004:  $788M

We're on the order of 4.7 cents on the $100.


If it's any consolation, I was rather surprised myself.


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