Okay but... so what? Authentication is a means, not an end. They seem to be missing that what matters at the end of the day is how much money/time/resources actually get lost, and who's on the hook for it. If that's negligible then isn't that mission accomplished? If we could live in a society where your name was enough and you didn't need a card number at all, and yet theft was still low and you still got your money back, that would be even better, not worse.