The CC bank issuer is liable for paying off the card in this scenario, the bank will pay splitit regardless of fraud as split it is the point of sale and as soon as that money is allocated to the CC split it will receive the money month by month as per usall, if the card is cancelled the full amount comes to split it and they pass the money onto the point of sale merchant month by month as per agreement.
IPO - Splitit Payments Ltd, page-79
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