This person has to be familiar with the concept of "cost of doing business," but I guess they just haven't made the logical extension to this domain. Everyone

This person has to be familiar with the concept of "cost of doing business," but I guess they just haven't made the logical extension to this domain. Everyone knows there is some amount of fraud. Advertisers price it into their bids. AdTech companies work relentlessly to fight it. Who actually loses is very unclear, and may not be a static fact (i.e. it may depend on what given moment in history you're observing from, or even what subdomain of advertising you're working on). Depending on elasticity, it may be the customers, it may be the adtech companies, or it may be legit inventory suppliers. Without fraud, the digital media business would most certainly not collapse. Impressions would become more valuable roughly in proportion to the fraction of impressions that are currently fraud. Everyone would be better off, with the exception of the fraudsters. If digital media would be crushed by the lack of fraud, I can guarantee you that the folks in the industry would not be working so hard to prevent it.