You're right, it cannot explain everything, there's a lot more cashback in the US for example, which has to come from the interchange. But the fraud rate doesn'

You're right, it cannot explain everything, there's a lot more cashback in the US for example, which has to come from the interchange. But the fraud rate doesn't tell us the full picture here, there are indirect costs in dealing with fraud, I'd be more curious about a figure that also estimates externalities. Anyway the European report is very interesting because it shows that ATM and POS fraud is fairly marginal in Europe, which justifies pushing better SCA mechanisms as the most effective way to reduce fraud.