What is immoral is all the regulation around it that forbids new credit card companies from entering the playing field. That's why now, instead of the existing

What is immoral is all the regulation around it that forbids new credit card companies from entering the playing field. That's why now, instead of the existing companies fixing the mechanisms that allow for fraud to take place, they can afford to ignore that market signal (that their product has a bug) by forcing their customers to pay for it (the retailers, who in turn force their customers, us, to pay for it). This is how, in very real terms, the lack of competition literally hurts everyone, by making everyone pay for thieves, instead of making just incompetent private companies (trying to compete in this market) pay for it.