I am sure you are correct, and the process may have changed in recent years. But I vividly recall having once to go to court on this issue. An informal client of mine - in that there was no agreement - lived in Australia. Unknown to me and my staff, and as it turned out his friends, he was a con man. He came to stay with one of his friends in Hong Kong and we had a brief meeting. Two days later, his friend, whom I did not know, contacted me. Did I know where he was? I hadn't the faintest idea. Turned out he had stolen the friend's HSBC credit card, purchased a first-class round-the-world ticket, forged the signature and then quickly left.
A day or so later, I received an official notification that HSBC had put a lien on my company account to the amount that had been charged to the card. It only took a few minutes to persuade the Court that we held no funds belonging to that jerk or that we had any responsibility for his actions. The lien was immediately withdrawn. But I believe this guy's friend was not reimbursed by VISA.
I am not surprised that there is so much credit card fraud now. You only have to look at the procedures the banks take before they approve a charge. Over the last couple of years I have to get a PIN sent to my mobile phone to be added to any internet purchase before that purchase is complete. And this covers all my cards - except ironically the one issued by HSBC!