There’s a credible argument for “Any information in 1,000+ databases not administered by AppAmaGooBookSoft will inevitably be leaked, multiple times, regardless of technical countermeasures. The war on security breaches is unwinnable at the scale of the economy.”
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Your name, DOB, address, SSN, and everything else used in a widespread fashion to open up a credit card account is in 1000+ databases. That is highly unlikely to change.
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Card issuers (and other participants of the financial industry, but in the main, card issuers) benefit enormously from keeping the barriers to conversion very low. They’ve been going down as the number of compromised identities has been going up. This dynamic funds the hacks.
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Maybe we need to tell issuers “OK, you issued a credit card without authorization from the putative customer, and took a $600 fraud loss. You just forfeited the identity security bond; take the $10k hit this quarter.” (This would not be a consequence free policy!)
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"A Single Death is a Tragedy; a Million Deaths is a Statistic" Now compare to when a celeb gets their photos leaked vs millions their "data".
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That the credit industry got the term "identity theft" adopted for this I think shapes our views. If it were called "bank fraud", there would be more of a focus on their responsibilities instead of expecting individuals and third parties to secure relatively public info.
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I suggested that for a significant majority of people "your local bank verifies your identity, in person, before any credit is extended" would be worth it.
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One of the questions I was noodling on while at Stripe was, "if we were implementing credit cards for the first time from scratch in 2018, what would that look like." And eventually I learned about AliPay and WeChat Pay, so maybe that question is answered, but it's worth
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more specifically asking that question about identity verification, I think. And I agree that the answer "we require ever more detailed and intrusive dossiers of random personal information about you" is ultimately headed the wrong direction.
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I thought Mitchell and Webb pretty much had the definitive take on what needs to happen…https://www.youtube.com/watch?v=CS9ptA3Ya9E …
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