Related: https://www.bitsaboutmoney.com/archive/optimal-amount-of-fraud/ https://www.bitsaboutmoney.com/archive/optimal-amount-of-fra... > To prevent this conv

Related: https://www.bitsaboutmoney.com/archive/optimal-amount-of-fraud/ https://www.bitsaboutmoney.com/archive/optimal-amount-of-fra... > To prevent this conversation from being painfully abstract, let’s scope it to one particular type of fraud against one particular type of actor: the bad guy steals a payment credential, like a credit card number, and uses it to extract valuable goods or services from a business. This is an extremely common fraud, costing the world something like $10 to $20 billion a year, and yet it is actually fairly constrained relative to all types of fraud. > This fraud is possible by design. The very best minds in government, the financial industry, the payments industry, and business have gotten together and decided that they want this fraud to be possible. That probably strikes you as an extraordinary claim, and yet it is true.