I used to work in the credit card space, and what I witnessed is that the industry is adamantly opposed to anything they perceive as inconveniencing customers, at least at point of sale where they are competing with cash. In fact, Visa and Mastercard explicitly don't allow stores to ask for an ID with card purchases. This is why anything that requires effort from the cardholder won't happen soon.
Fortunately the anti-fraud solutions out there are pretty effective, which helps control the damage a stolen card can do.
Fortunately the anti-fraud solutions out there are pretty effective, which helps control the damage a stolen card can do.
In my experience, not reliably. For example, I've known people who gave their credit card info to a seemingly legit company, which then proceeded to make monthly debits without authorization, and this went on indefinitely. The credit card company was unwilling to intervene, and said it had to be worked out with the merchant.
That may sound surprising to you, because you're aware of chargebacks and other checks and balances. However, for some reason or another, none of that helped the victims in these cases. It's little consolation to them to say that "in theory, there are mechanisms in place to prevent this kind of abuse."
Fortunately the anti-fraud solutions out there are pretty effective, which helps control the damage a stolen card can do.