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>The sheer amount of fraud causes a contraction in the availability of credit with impact on the scale of the credit crunch of 08

You had me until this. You're basically describing a world where anyone can impersonate anyone else, and you think this would only cause a financial impact "on the scale of 08"?

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It'll be shy of apocalyptic. There'll be 3-5 years of chaos in loans, credit cards, insurance etc.

Mortgages and business loans will be less affected because real people actually go out and inspect those things. I think we'll have to get used to speaking face to face with real people again when we want any kind of long term financial product.

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