This is all true and, most notably, not the bank's immediate concern.
The financial sector has sheltered itself / been sheltered from the immediate consequences of fraud perpetrated upon it regarding its customers. The customers catch most of the consequences in terms of opportunity costs and some of the bookkeeping labor.
(... in the large, of course, too much fraud runs the bank out of customers and then the bank suffers. But that has to be a lot of fraud, and that's where the governmental big stick that the banks and other financial operators get to wield by proxy come back into play. Try to steal $100 via credit card fraud and you probably get away with it [once], with the cost being borne by a credit card company having to write off couch-cushion money and an individual consumer being heinously inconvenienced in having to rotate all their auto-deduction numbers. Try to steal $1,000,000? The FBI has some questions, friend, if you'd be willing to come with these nice men down to the branch office).
The financial sector has sheltered itself / been sheltered from the immediate consequences of fraud perpetrated upon it regarding its customers. The customers catch most of the consequences in terms of opportunity costs and some of the bookkeeping labor.
(... in the large, of course, too much fraud runs the bank out of customers and then the bank suffers. But that has to be a lot of fraud, and that's where the governmental big stick that the banks and other financial operators get to wield by proxy come back into play. Try to steal $100 via credit card fraud and you probably get away with it [once], with the cost being borne by a credit card company having to write off couch-cushion money and an individual consumer being heinously inconvenienced in having to rotate all their auto-deduction numbers. Try to steal $1,000,000? The FBI has some questions, friend, if you'd be willing to come with these nice men down to the branch office).