Sorry, suggesting that credit card fraud isn't a real threat to people is just completely out of touch.
From the first hit for 'credit card fraud' on google (the wikipedia page):
'The cost of card fraud in 2006 were 7 cents per 100 dollars worth of transactions (7 basis points).[2] Due to the high volume of transactions this translates to billions of dollars. In 2006, fraud in the United Kingdom alone was estimated at £535 million,[3] or US$750–830 million at prevailing 2006 exchange rates.[4]'
You can say what you like (the page does note that the incidence of fraud as compared to other types of fraud has gone down), but credit card fraud is extremely destructive and is here to stay for quite a while. Dealing with it is not cheap, or easy, or fast.
Credit card fraud is also an enormous threat to merchants due to the fact that chargebacks result in large fees and, eventually, merchant account termination. Merchants have to compensate by being extremely zealous about fraud and actively filtering out customers (legitimate or not) based on heuristics and data to try and avoid processing fraudulent payments - so for the 1% of your payments that are fraudulent, you probably have to throw out 2-5% of them, just to avoid processing the bad ones.
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Sorry, suggesting that credit card fraud isn't a real threat to people is just completely out of touch.
From the first hit for 'credit card fraud' on google (the wikipedia page):
'The cost of card fraud in 2006 were 7 cents per 100 dollars worth of transactions (7 basis points).[2] Due to the high volume of transactions this translates to billions of dollars. In 2006, fraud in the United Kingdom alone was estimated at £535 million,[3] or US$750–830 million at prevailing 2006 exchange rates.[4]'
You can say what you like (the page does note that the incidence of fraud as compared to other types of fraud has gone down), but credit card fraud is extremely destructive and is here to stay for quite a while. Dealing with it is not cheap, or easy, or fast.
Credit card fraud is also an enormous threat to merchants due to the fact that chargebacks result in large fees and, eventually, merchant account termination. Merchants have to compensate by being extremely zealous about fraud and actively filtering out customers (legitimate or not) based on heuristics and data to try and avoid processing fraudulent payments - so for the 1% of your payments that are fraudulent, you probably have to throw out 2-5% of them, just to avoid processing the bad ones.