You say it's obviously untrue, so what are the obvious consequences of credit card fraud? I believe that anything you suggest worth addressing costs more than

You say it's obviously untrue, so what are the obvious consequences of credit card fraud? I believe that anything you suggest worth addressing costs more than the fraud itself. The only way to eliminate fraud is to show that doing so increases transaction volume. Since there has yet to be a proposed solution that does that, people focus instead on trying to "save money" lost to fraud, which doesn't work because there are no consequences to credit card fraud. (this is not a circular argument, though I see how it might read that way)