Lord Sandberg 17. The banks have had that role for years. In a sense electronic banking could be the way forward with the banks themselves acting as these trusted third parties when A is dealing with B and neither know one another. There are no institutions of trust. When we go to the High Street we have one hundred years of the shop being there, there is an institution of trust, but when we do things electronically across the other side of the world we do not know whether there is a crime going on.
Crime is rampant.
If you take, for example, Visa. Fifty per cent of Visa fraud is internet-related but only two per cent of the business. That is the reality of e-commerce. There are a lot of criminals out there and therefore it is essential that we have some form of trust institutions built in. This document mentions it in passing in some little paragraph.