Comment Re:This is good news. Actually. (Score 1) 732
And worse, with PIN transactions, the account holder assumes the risk of fraud, which is large, and the fault of banks creating a ridiculous transaction system based on a set of "secret" numbers (printed on the card).
http://www.consumer.ftc.gov/articles/0213-lost-or-stolen-credit-atm-and-debit-cards disagrees with you on the amount of fraud liability on debit cards. Most telling is this statement: "For unauthorized transactions involving only your debit card number (but not the loss of your card), you have 60 days after you get your statement to report the unauthorized transaction."
The credit card fraud protections are similar. I realize that debit cards used to have no legal fraud protection unless your bank offered such. It appears to be different now and has been I'm told for around fifteen years.