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> I mean there's fraud and theft on all levels

you are confusing payment card issuers and processors with banks



I most certainly am not. But there's certainly fraud in those places too. There is all kinds of frauds within banking, from insider trading to cleverly hidden rounding errors being pocketed by software engineers, and everything in between.


Many/most banks are also issuing banks (which means that they issue V/MC cards to their users). And fundamentally credit and debit cards are a source of credit risk and fraud for those banks.




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