The revised Payment Services Directive (PSD2) was introduced throughout the EEA, with the aim of improving transparency and saving shoppers up to €550 million annually. The ban will apply to all card payments, even if you use Paypal or Apple/Android Pay.It will also apply to direct debits and bank transfers.
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The chips make that kind of counterfeiting hard to do.
But as quickly as merchants find ways to control one kind of thievery, thieves invent ways to steal.
Of course, many firms adopt similar approaches to those who've had past problems, so it may feel as if there's a blacklist; but some lenders specialise in (usually high–charge) lending to those who present a risk.
When you apply for a product, lenders pour the data they have on you into an algorithm which attempts to predict your future behaviour based on your past.
Overall, the number of identity theft victims rose 18 percent since 2015 — a number that represents 15.4 million people and losses totaling $16 billion.