eli5 How did Credit/Debit Cards work before Chip & Pin Machines?

Question

eli5 How did Credit/Debit Cards work before Chip & Pin Machines?

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Answer 1

You used to get £50 for spotting and retaining a stolen card! That was 30 years ago, so worth quite a lot.
I worked in shops while I was a student, and most would have a “floor limit” which meant if it was over you needed to call for authorisation. You could also call if the customer looked dodgy.