The answer is simpler: it's not that big of a problem to the people that would need to solve it (visa, banks)
Yes, it' billions of dollars per year, but that's on a denominator of trillions.
> In 2022, global payment card transaction volume surpassed $40 trillion, with the U.S. accounting for over $9.5 trillion 1 . If we consider the $5 billion in unauthorized purchases reported by Security.org 2 , the percentage of fraudulent transactions in the U.S. would be approximately 0.05%.
> it's not that big of a problem to the people that would need to solve it
That's not wrong, but it misses the point. It's not worth the bank's time to solve it, but for me it would produce a pretty damn good ROI. All I needed was one entry point into the system, but I couldn't find it.
That's actually the start of a multi-part series:
https://blog.rongarret.info/2013/02/a-simple-solution-to-cre...
https://blog.rongarret.info/2013/02/a-simple-solution-to-cre...
https://blog.rongarret.info/2013/02/a-simple-solution-to-cre...
https://blog.rongarret.info/2013/03/cutting-to-chase-repeal-...
https://blog.rongarret.info/2013/03/a-simple-solution-to-cre...
Keep in mind all that was written twelve years ago and the world has changed a lot since then.