That's true to a point, but the banks stand to lose something as well. And the vulnerability of the cards is not the consumer's fault.

I once was buying a Thai airways ticket on Thai's website with my VISA Aerogold. When it came time to enter my "Verified by VISA" code, I couldn't remember it and entered the code incorrectly. So I cancelled the transaction and used a different card.

Then, when I was out of Canada and used the Aerogold, I immediately got a call from VISA saying the card had been compromised and they were going to cancel it. The agent actually told me that the Thai transaction was suspect, and I explained what had happened. That got me nowhere.

As others have noted, a bigger problem is that CIBC's VISA section will NOT help you get a replacement card. The solution the agent I dealt with proposed was "use another card". And there was no compensation for the inconvenience.