Normally, with credit cards and stuff, the onus is on the vendor that made the sale, technically they should verify the Id of the user match with the name on the card and stuff.

Most don't do because convenience wins for the user and increases the value.

The user knows if something is wrong (like stolen funds, accounts etc) they will get their money back, and trusts the system so spends more.

İf you don't provide this trust system, they won't spend as much as they do.

You will get less volume.