* 10-15% of all transactions are fraudulent. In other words, something like $150Bn-$200bn/yr, or up to 2 times the entire market cap of Cisco Systems, is being lost every year to online fraud.
* Banks are investing in multifactor authentication systems to try to do away with passwords.
* But that won't work, so the only solution is to scrap the entire financial system and start over...
* ... with Bitcoin, for which there is "no payment fraud", "no paper work", "no merchant accounts", and "more privacy".
This argument isn't even coherent enough to be wrong. The types of mainstream attacks modern banking authentication systems are trying to deal with assume customer machines are actually owned up by attackers. They'd be happy just to find a way to make it harder to automatically extract value from accounts using standardized malware. This isn't a problem Bitcoin contemplates.