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You are describing in-person purchases, but the discussion is about online purchases.

The EU+UK and Visa/MasterCard have different policies for these. Low-value [1] contactless purchases only occasionally require a PIN, higher-value in-person purchases always do, and online ones require the 2FA system linked above.

[1] https://en.wikipedia.org/wiki/Contactless_payment#CVM_limit

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I believe it's still the same for the US. Some merchants will requires additional verification over a certain amount, but for the most part it is seamless.

I've bought things for 700-800$ that don't require any checks.

Machine learning has pretty much solved this. They detect almost all outright fraud immediately.

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