The important point here IMHO is that the vast majority of fraud is not an inevitable cost of doing business, it's the result of deliberate policy decisions, an

The important point here IMHO is that the vast majority of fraud is not an inevitable cost of doing business, it's the result of deliberate policy decisions, and the fact that the cost of fraud can be fobbed off by financial institutions onto merchants and thence onto consumers without the latter even being aware that they are bearing this cost. It is quite literally a conspiracy.