Don't call it "ID theft". It's not "Identity Theft". It's banking fraud.
Banks put systems out there (checking, cards, etc.) without adequate security measures and as a result, thieves steal from banks. Wishing to retain their franchise as the nations's settlement infrastructure Banks are loath to fix the security. When the nation goes over to newer, more secure technology, there will obviously be new competition in settlement. So here we are in 2003 with still, no effort by banks or card services giants towards more secure systems. And their main strategy is to stampede the public into stronger laws against sharing information about credit. Why? Because if the commercial sector had any decent picture of the creditworthiness of individuals and other businesses, we could extend credit ourselves, and collect those fat interest charges on everything from consumer debt to home mortgages. It has never been illegal for all of us to loan money or extend credit to customers in trade, or settle in kind, in peer to peer arrangements and the ONLY things holding it back are the absence of strong identification (which immediately allows strong reputation) and protectionism in financial services (Laws against the sharing of information about peoples' previous defaults and torts. ) Todd Boyle CPA - 9745-128th Ave NE Kirkland WA 98033 (425) 827-3107 www.gldialtone.com www.arapxml.net
