This Article argues that private ordering of fraud loss liability in payment card systems is likely to be socially … the least cost avoider of fraud, but on the most price inelastic party, even if that party has little or no ability to … merchant pricing in order to expose the costs of participating in a payment system – which include fraud costs – to market …

Fraud." The conference included panels representing four key constituencies: Issuers, consumers, merchants/acquirers, and … networks. The panelists addressed the nature of payment card fraud in the 21st century. This paper summarizes the highlights …