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And where do you think that money comes from? The financial system bears the cost of fraud by taking more money from everyone. That's an horrible replacement for proper security.

I'd much rather to simply pay insurance to cover for fraud, or avoid paying that if I know that I'm storing my money securely - mostly offline and encrypted with a password that only exists in my head, and small amounts for day-to-day usage somewhere more accessible.

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Facile. Where do you think security comes from? It comes from money: engineering interlocking distributing systems to be free of vulnerabilities is extraordinarily expensive.

The question isn't whether systems are or aren't secure. Security is a function of the capital invested in making systems secure. The question is who bears the cost of securing systems. The financial system puts much of the burden of that cost onto the financial system itself; it is thus incentivized to mitigate fraud.

http://xkcd.com/538/

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