In reply to Don Sieb.

Don, I am a bit lost by your comment re PIN # not reducing credit fraud. Could you perhaps highlight the difference between how Credit & Debit cards work with PINs, in the context of the current discussion?
Additionally, I think that a dynamically generated PIN / two-factor authentication using a mobile app / text messaging capability, or use of beacons for smart phone holders could really help reduce the fraud in credit and non-credit transactions.