Need Cash Pay Bills - ID Theft In US Continues Apace Despite Data Breach Laws - Slashdot
Plain and simple, the only thing that’s going to really make a dent in identity theft is to make identities harder to steal, and that means requiring all the banks and credit card companies to jump through more identity verification hoops before they give someone your money or a line of credit in your name. Sure, requiring you to go to a licensed notary and have a credit card application notarized might not make it so easy to get credit, but it would also make it harder to get credit in your name. The banks and credit card companies could do this, but it’s more profitable to let people steal your identity and then just jack up fees and interest rates to cover the losses. A long time ago, I wrote up a description of an identity clearinghouse, a government-run agency that allowed lenders to verify a potential borrower’s identity without giving the lender any unnecessary information about the borrower’s true identity. But if you have registered, the clearinghouse first checks to make sure the information they have on file matches the information the lender provides, and second, they use the information they have on file to contact you directly and ensure that you actually applied for credit with the lender in question. Learn more
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