See the text I cited from the card association’s website. Merchants are only responsible for fraud (in the U.K. at least) if they did not use chip + PIN properly.
Who pays for fraud, in the end? Well, the customers pay, of course, since they are ultimately the only source of funds. Regardless of whether or not the merchant or bank eats the fraud, they are going to recoup the cost through their charges to customers.
Who pays for fraud, in the end? Well, the customers pay, of course, since they are ultimately the only source of funds. Regardless of whether or not the merchant or bank eats the fraud, they are going to recoup the cost through their charges to customers.