Yeah, online fraud is a multi-billion business. But how big is the open web? I'd imagine that it's transactions are on the order of hundreds of billions and most likely trillions, which would make that fraud an unavoidable drop in the bucket.

And with Apple's system, are there any studies that shoes it makes a material difference in this fraud level? Even if it did, I'm not sure it's worth giving up all this freedom when we already have a system that works.