I think you would be surprised how much fraud still happens with strong identity protections. Here in the UK strong customer authentication and strong proof of

I think you would be surprised how much fraud still happens with strong identity protections. Here in the UK strong customer authentication and strong proof of identity is a requirement in law, breaching it lands you in significant amounts of hot water. So at the bank I used to work at, identity theft was pretty rare and only made up a tiny fraction of the fraud we saw. A much bigger share of the pie, and the area that we really struggled with, is customer authorised payments. The customer gets socially engineered into parting with their cash, and as a bank we're expected to reimburse them if we can't prove that we didn't take steps to detect the scam in progress and prevent the customer making the transaction.