If you look at the history of fraud, people are always coming up with new ways to steal from people that are at the margins of legality. Consider the category "wire fraud", for example. It's not like some lawmakers looked at the nascent telephone and the telegraph and said, "Well boys, we'd better make sure these aren't used for crime." No, innovative scammers found ways to use the new technology for new crime for a few decades before the laws were updated. See Joesph "The Yellow Kid" Weil's autobiography for some examples.
Just because the fraud or theft isn't at the moment illegal doesn't meant it isn't fraud or theft.
No. Fraud and theft are concepts that are broader than whatever legal jurisdiction you happen to be in at the time. Imagine that somebody gets one of those libertarian paradises up and going. Or imagine a failed state or a post-apocalyptic scenario, where there is no longer any law. It's still possible to run a fraud, it's just that the fraud would be, de jure or de facto, legal.
Just because the fraud or theft isn't at the moment illegal doesn't meant it isn't fraud or theft.