In reply to WarumNicht.

“AT&T joins MasterCard battling fraud with phone location”

http://www.dailyherald.com/article/20140705/business/140709996/

Some interesting ideas on fraud detection/prevention for POS transactions, but still none depend solely on an Apple phone …

Regardless, I suspect that the anachronistic details embossed on today’s cards will not remain operational too far into the future; soon enough, I imagine, all such detail will only reside in the secure EMV/NFC chip, and non-POS (online) transactions will only be possible via “digital wallets”, such as MasterCard’s “MasterPass” and Visa’s “V.me”, with ID+PIN. There will no more bandying about of operational card details, nor will those details be manually operational as has been historical the case. Then, for the benefit of all stakeholders, credit card fraud should be able to be reduced to the absolute minimum. Will the banks pass on those savings with lower discount fees for merchants? That is the next question …