What you call "fraud" I call "privacy". Anonymous transactions happen all the time with cash, and any new payment method needs an equivalent. In the modern era where it is no longer possible to gain privacy by being unobservable, a new definition of privacy is required. Dan Geer has a very good replacement definition; privacy is "the effective capacity to misrepresent yourself"[1]. If cash isn't possible, misrepresentation is the only option.