zlacker

The "credit card" model for buying stuff seems to be flawed. When you give some company your credit card number and CVV to buy something, they could always turn around and give the number to someone else.

The fix is very simple, but requires more interaction: (1) You ask merchant for stuff (2) Merchant sends you a "money claim" (3) you sign your money claim (4) the merchant takes the signed claim to the bank (5) the bank verifies the signature using your public key (6) bank transfers the money to merchant from your account

>>agnish+(OP)
Absolutely, credit cards are insanely insecure, everything that is needed is written on it. I don't know why we are stuck with this archaic American system. They patched it with a form of 2FA (Mastercard 3D Secure / Visa whatever) but it's still really patchy and in many cases is not even triggered at all even for big purchases.

But here in Europe we have much better payment methods like iDeal in Netherlands and Bizum in Spain (now going pan-EU with Wero)

>>agnish+(OP)
That's basically how PSD2/SEPA payment flows function in Europe if there is a functional eID system. I think I've used such a system for nearly a decade now.