> This is also the main reason for promoting chip cards, sure they are more secure, but the real reason the banks like it, is that it moves credit card fraud ac

> This is also the main reason for promoting chip cards, sure they are more secure, but the real reason the banks like it, is that it moves credit card fraud accountability from the banks problem to your problem. It depends on the jurisdiction. Banks like it because it improves the security, i.e. the card was physically present for the transaction, if not the cardholder or the cardholder's authority. It eradicates several forms of fraud such as magnetic stripe cloning. Contactless introduced opportunities for fraud, if someone can get within a few cm of your card, but it's generally balanced by how convenient it is, which increased the overall volume of transactions and therefore fees. It's more secure from fraud than a cardholder-not-present transaction... and for CNP, you can now see banks and authorities mandating 2FA to improve their security too. Liability is completely seperate, and depends on how strong your financial regulator is. Banks obviously would like to blame and put the liability on customers for fraud, identity theft, etc., it's up to politicians not to let them. For example, in the UK we have country-wide "unauthorised payments" legislation: https://www.legislation.gov.uk/uksi/2017/752/regulation/77 https://www.legislation.gov.uk/uksi/2017/752/regulation/77 -- for unauthorised payments (even with a chip and pin card), if it is an unauthorised payment, the UK cardholder is only liable for a £35 excess, and even then they are not liable for the excess if they did not know the payment took place. The cardholder is only liable if they acted fraudulently, or were "grossly negligent" (and who decides that is the bank initially, then the Financial Ombudsman if the cardholder disagrees) There is similarly a scheme now in place even for direct account-to-account money transfers, since last October: https://www.moneysavingexpert.com/news/2023/12/banks-scam-fraud-compensation-rules-confirmed/ https://www.moneysavingexpert.com/news/2023/12/banks-scam-fr... -- so even if a crook scams you into logging into your bank's website and completely securely transferring money to them, banks are liable for that and must refund you up to £415,000 per claim, but they're allowed to exclude up to £100 excess per claim, but they can't do that if you're a "vulnerable customer" e.g. old and doddery. Also, the £100 excess is intentionally there to prevent moral hazard where bank customers get lax if they think they'll always get refunded. Seems to me like the regulator has really thought it through. The regulator also says they'll step in and change the rules again if they see that the nature of scamming changes to e.g. lots of sub-£100 fraudulent payments, so the customer doesn't report it because they think they'll get nothing back.