the "smart card". However, there are so many hundreds of millions of cards in the U.S. that the cost for Visa or MasterCard to deploy smart cards is staggering, and they have no plans to do so in any big way. The only country where smart cards have been deployed on a widespread basis is France. I'm not holding my breath for this to happen in this country anytime soon. And so the credit card infrastructure in the U.S. remains leaky as a sieve. Fraud is significant, and the industry simply lives with it as a cost of doing business. On-line fraud is an infinitesimally tiny part of the overall picture.