Can’t in this context mostly means aren’t willing to do something with current incentives.
Remove the ability to do online or offline credit card transactions without dedicated hardware for chip and pin, thus eliminating the value of stolen credit card numbers. Are you crazy we can’t do that customers would use a different credit card!
Change the incentives so credit card companies would be personally liable for any fraudulent transaction and suddenly everything changes.
The article is talking about retailer data breaches not credit card companies.
If someone steals your CC and buys a bunch of stuff there’s 4 people who could be stuck with the bill. You, the merchant, Visa, and the bank who issues the card. Right now Visa is never paying though they still have a little hassle from such transactions. If you don’t notice you might get the bill and under special circumstances the bank might get stuck with it, but mostly it falls to the merchant. https://www.nerdwallet.com/article/credit-cards/merchants-vi...
However, if Visa/Master Card etc had some actual liability you bet they would be some real changes.
Remove the ability to do online or offline credit card transactions without dedicated hardware for chip and pin, thus eliminating the value of stolen credit card numbers. Are you crazy we can’t do that customers would use a different credit card!
Change the incentives so credit card companies would be personally liable for any fraudulent transaction and suddenly everything changes.