"Dave N" wrote
The criminal does not care who the victim is -- whether it's the merchant or the bank (or even the true cardholder).
"Dave N" wrote
In the case of a crime causing a loss, of course it is!
"Dave N" wrote
The insurance industry *benefits* from higher levels of crime. People then insure more, and the insurance companies hence make more profit. What point are you trying to make here? Who do you think the "victim" is?