No matter what Perry may say about "no fraudulent" transactions, the bank I work for had identified a pattern in fraudulent transactions late last year, and by January had isolated the cases as originating from either a single bank, or it's processor. I believe we may have been the institution that initially rang the bell. So 1. there were fraudulent transactions, and 2. it was clear to us in January where the problem was.
We are outside of the US, so that the pattern of fraud connected to one US bank stood out like a shag on a rock. Given the relatively tiny number of transcations from our customers that would have been processed by CardSystems, I would expect, statistically, that the total number of fraudulent transactions actual submitted was quite high.

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