Are credit cards really broken?, page-2

I think in terms of security, most modern payment systems are superior to credit cards.

3 times over the last 20 years I've had fraudulent transactions appear on my credit card, and the only way to stop it was cancel the card. The issuing bank refunded the money, and sent a new card. All 3 times I was told what happened was that they "guess" card numbers, expiry and and CVV numbers. I personally don't see how that's possible - the most basic defenses would prevent such brute forcing - but the technicals of how it was done isn't really important - there are ways to stop such fraud but they choose not to implement it.

They are better now at detecting the fraud than they used to be - but they don't stop it. Their machine learning algo's smell suspicious transactions now and alert you to the transactions, asking to verify it (well at least CBA's Visa does) - but they can't stop it - all they can do is cancel the card, go through the dispute process, return your money after 3 weeks or more and send you a new card to wait for the next time.

I know some people reading this will think I must have poor IT hygiene or used dodgy ATM's or something which skimmed my card - but I don't think that is the case... I don't have any way to prove that, but that's a moot point - the point is a secure method of payment simply can't have anything which can be recorded and used later for an unauthorised purchase.

As an Australian consumer I'm protected from their broken system, thankfully - it doesn't cost me money - but it's quite inconvenient if you have recurring payments setup using a card to have to go and change all that.

Is Zip any more secure? I think so, particularly when making online payments. You don't need to enter in a credit card number on a possibly compromised site which could be used to make unauthorised purchases, for a start.