Yes it is entirely the decision of Veolia in this matter to cap their own risk. Because there is no PIN verification on either IÉ or Luas machines (note that the few Bus Éireann ticket machines that take cards are chip/PIN enabled) any contested transaction is automatically resolved in favour of the customer and the merchant has to eat the loss.
I suppose that if someone contested a transaction to top up a smartcard Veolia might be able to disable the card, but that's neither here nor there.
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