Bank, Credit Card Company Say Not To Worry About Identity Theft
from the questionable-motives dept
Identity theft continues to be a problem for American consumers, with the recent news that the Massachusetts attorney general had fallen victim to it highlighting the general inability of government or industry to tackle the issue. Despite repeated leaks of credit-card and other personal information, and the scale of those leaks reaching new heights, a new study says that identity theft is actually becoming less prevalent. It says the number of people affected by identity theft or fraud decreased last year, as did total losses and the size of the average loss. It's probably worth noting that the study was paid for by Visa, Wells Fargo bank, and a check-processing company. Visa and Wells Fargo are no strangers to data leaks and identity theft, so you'd be forgiven for thinking they have just the slightest vested interest in downplaying the threat. To be fair, the company that did the survey isn't saying that identity theft is no longer a problem, but it's hard to see this as much more than an effort by the companies that paid for it to try and say the problem's not so bad. Perhaps the public has grown paranoid, but they should try telling that to victims, particularly those who spend lots of time dealing with identity theft's lingering effects.Thank you for reading this Techdirt post. With so many things competing for everyone’s attention these days, we really appreciate you giving us your time. We work hard every day to put quality content out there for our community.
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Perhaps the public has grown paranoid
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Re: Perhaps the public has grown paranoid
If you vote against your credit card issuer with your feet and cancel the card, your credit rating takes a hit. Thus, we're "encouraged" (that is, coerced) into staying with companies that unilaterally change payment due dates then charge us $40 late fees.
It's a pretty neat system they have, but all it'll take is a legislature with some guts to reign in the credit reporting system to make it fall apart.
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Re: Perhaps the public has grown paranoid
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Cloned Credit Cards in Cleveland
http://www.newsnet5.com/news/10903966/detail.html
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Credit is becoming a scam
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If Visa were to see less fraud, it would not necessarily mean that there is less fraud, but simply that it is being reported less often by merchants for whatever reason. Often times merchants don't want to report too much fraud because they can receive penalties from visa, so instead they will give the money back to the consumer and not alert visa.
but, then again ... maybe there is less fraud :) My guess though would be that fraudsters are simply becoming harder to detect. For example, if a fraudster were to gain access to a bunch of accounts, in the past they might have tried to dump all of those accounts for the cash, and that would be reported. Instead they might now simply charge or transfer 10 dollars a month from each account, which would lower the chances of the account owner ever noticing.
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On the otherhand, overstating demand isn't good ei
I think consumer awareness is the biggest reason identity theft declined. For example, I had to give my Dad my credit card number recently and he asked that I not email him the number because he knows email isn't secure. You don't know my Dad, but that's amazing.
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It's called "responsibility." Look into it.
Clearly, their databases of private information represent revenue, even if they don't sell the information. They want it both ways, i.e., they want to keep the information, but they don't want to pay what it costs to secure the information.
The pendulum has begun to swing away from their salad days, and they seem to have started down the MPAA/RIAA road. They can probably delay the hammerfall, but it's coming. The piper will be paid, else he will lead the rats back into the city.
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Another Catch-22
Perhaps we should read the study and examine the methodology before automatically assuming it's fraudulant... and saying as much.
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swear it works i will kill u if u steal it!!!!!
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Credit Cards Australia
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