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Look at credit card chip readers in the US. The amount of backend equipment change it took to get something "that simple" in action was a lot.

I'd wager that the banks didn't give a damn as long as fraud was cheaper than investing into a new, much securer system. France was the first country to introduce chips into debit cards and tha was in 1990[1]

[1] http://www.theukcardsassociation.org.uk/history_of_cards/ind...

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