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Things would be a lot harder for the fraudsters if the banks introduced 2 factor authentication. Any transcation you make requires a a pin (something you know) and a token that generates random numbers every 60secs (something you have). Although it may not be 100% fool proof, its definitely one step making it EXTREMELY difficult for the crims.
Reason why banks don't do it - cost ! Its cheaper for them to pay out the fraud to the tune of say $40mill a year, as opposed to setting this up at a cost of probably $100 mill. plus yearly ongoing running of the application/maintenance.
Norm
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