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I think you misunderstood me. Peace of mind is in not having to worry about fraud being my responsibility to fight or dispute. I can call CC company or through mobile app, flag transaction, get my money back and never spend another minute on the issue.

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Ok, but you have to worry about detecting fraud. Without a PIN/MFA attackers have it much easier time doing fraudulent transactions from the start => more time spent by everybody checking transactions.

And even if you have peace of mind, I wonder who pays for the cost of the fraud. I would imagine the bank will just pass it over to the consumer in some fees. So a system that reduce fraud (even if can't eliminate it completely) is still better in my opinion.

No I don't.

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