For example, from the Fed: "By number, the fraud rate for general-purpose cards was 3.60 basis points (3.60 unauthorized transactions per 10,000 transactions) a

For example, from the Fed: "By number, the fraud rate for general-purpose cards was 3.60 basis points (3.60 unauthorized transactions per 10,000 transactions) and by value the fraud rate was 8.27 basis points." https://www.frbservices.org/files/communications/pdf/research/2013_payments_study_summary.pdf https://www.frbservices.org/files/communications/pdf/researc... Even the riskiest card-not-present/online merchant would rarely hit 1% or they lose their merchant account entirely. I'd be curious to see what numbers you're looking at.