In the U.S., many credit card machines at places like gas stations have started asking for your ZIP (postal) code to use a credit card ostensibly to help verify that you really are the cardholder, rather than the card being stolen. My question is simply: **Is there any evidence that this actually leads to a significant reduction in successful credit card fraud?**

It seems to me like this would not be a very useful measure for a machine that requires the card to be present anyway. I would have guessed that the most common way someone would physically end up with your credit card would be if they stole your wallet, in which case they almost certainly have at least one and likely several IDs that include your ZIP code. For example, in my wallet, at the very least, my driver's license, car insurance card, business card, and pilot certificate all have my zip code listed and it would also be trivial to figure out from my voter registration card. Thus, I'm curious if any actual security benefit has been shown for this or not.