A new operating rule from MasterCard creates a global standard of zero liability for fraud for consumer and small business cardholders. MasterCard is the first global network to take this action. The rule has already been in effect for a year in the U.S. where, despite rising losses to fraud, issuers cover 100% of the cost unless the merchant is liable. With the exception of Europe, issuers in other parts of the world have largely followed the U.S. already, including those in Canada, Asia–Pacific, Latin America, and Middle East/Africa. European Union-based issuers are permitted to char...