The EU system is fine with fraud as long as the fraud involved tricking you into approving a charge? That doesn't seem right. So I could sell Rolexes for $50 an

The EU system is fine with fraud as long as the fraud involved tricking you into approving a charge? That doesn't seem right. So I could sell Rolexes for $50 and nobody could get their $50 back when I send them a toy watch from the Wal-Mart checkout line?