@Fraser
That's true for hacks of online banking or for card present fraud, but for card not present (ie mail order/ecommerce) the loss is born 100% by the merchant - if I ship goods on a dodgy card it is my bad, the card owner gets their money back via chargeback (the amount is stopped out of future transactions on our merchant account) and I'm out the goods unless the police recover them (I crack myself up sometimes).
I'm not really complaining about the system - if cardholders had to take the hit then people wouldn't use cards (so goodbye ecommerce business), and if banks had to then getting a merchant account would be so hard that no small business could get one (also goodbye ecommerce business). But it does mean that I loath credit card fraudsters.