A Border is a rectangular region drawn around the outside of the frame; the width, color and transparency of the border can be adjusted:

Borders can be adjusted directly in the Image Toolbox or in the Frame Editor.
The border control in Toolbox can be dragged to edit the border interactively.

Mouse down and drag the mouse.
The border will resize.
The Frame Editor is opened by clicking on the border graphic in the toolbox, displaying more detailed border options.

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Border Width
Dragging this control makes the border thicker or thinner.
Border Color
Drag the R/G/B controls to adjust the Red, Green and Blue channels of the image directly; alternatively you can click the color chip to open the color editor.
Border Opacity
Allows you to turn down the transparency of the border. This can create an interesting effect of a see-though border.
Fit Image
The entire image to fit into the border when checked. Unchecked, a portion of the image will be obscured by the border.
Shadow Inside
This will cause the image, not the border, to cast a shadow; this is useful for attaining 'glassy' borders on frames.
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Image by Kent Smith