Whether it's conducted electronically, through the post, or in person, fraud is nothing new. So let's make that our starting point. Of course, at some stage, fraud will get so bad that the banks will start to worry about it in earnest. At the moment, it looks like that's some way away, since – in the US, at least – fraud makes up less than 1% in card portfolios that have bad debt well in excess of 6%. It is pretty clear which area will be attracting the most management attention for the foreseeable future.