Requiring Banks to Disclose Identity Theft Statistics

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1 Response

  1. Sam Kamees says:

    No doubt that identity theft is a growing problem with few solutions. With no input from “past occurrences” from those who track such data, effective solutions will lag behind criminal activity every time.

    From the banks POV there is a public faith issue. This issue doesn’t spring from the banks refusing to share their data but from the good faith perception of the general public that the banks are untrustworthy should it be found that the financial institutions that drive our economy have been lax in their own security measures.

    To see just how fearsome the trust issue is to banks, ask yourself these questions. What would I do if I found out my bank had a security breach? When was the last time I heard of a prosecuted case of nonfeasance?

    This issue is a double edged sword. We rely on our financial institutions to cover our backs by keeping information secure but we need them to disclose information on the effectiveness of those security measures in order to prevent identity theft from moving forward.

    Until a compromise can be reached, we will never get the upper hand on identity theft.