In reply to Ricardo.

No, the cardholder and the merchant are both effected.

And while the cardholder will easily be able to get the charge reversed and ultimately most likely won’t be responsible for anything… the merchant is left having to pay the associated credit card transaction fees regardless.

If you read the example that Jon Brown explains in one of the quotes exactly what it ended up costing this merchant. 1200 fraudulent charges cost the merchant $1940 in non-refundable payment transaction related fees. Money the merchant will not get back.