Click Fraud

I am still at the Majestic Conference. 

I am listening to a good panel featuring large marketers/retailers who purchase a lot of paid search advertising.

The one big "elephant in the room" is click fraud, which these buyers indicate is a growing problem in the paid search market and its getting worse, not better.

I’d be interested in hearing from the readers on this topic.

Is click fraud a big deal?

Can it be solved?

Do we have to get past the click and all the way to the transaction to make pay for performance advertising really work long term?