It seems like this is a good step, but it seems limited to physical card present transactions.
Does it do anything to address online purchases?
Does it do anything to address online purchases?
You don't need to switch the millions of cards nor the whole POS infrastucture to do changes for online purchases - things like http://en.wikipedia.org/wiki/3-D_Secure cover it fairly enough, I believe - it will deny online purchases with stolen CC data or a physically stolen card or both-sides-photographed, copying all the visible data including the cvv code.