US banks lack any care about security in this area and rely on being able to eat the costs of fraud. This is clearly obvious even from logging into their sites.

US banks lack any care about security in this area and rely on being able to eat the costs of fraud. This is clearly obvious even from logging into their sites. Many sites require weak passwords, have no two factor authentication, mix secure and insecure items, etc. They also are not very scrupulous when approving loan and credit card applications (for small amounts) and will do so even when the application has obviously been shredded and taped back together, for example, a clear sign of someone having grabbed it out of the garbage. Regardless, between the greed and the complete lack of interest in security in this area leads customers extremely vulnerable as the only things that are required to open a credit card in another person's name are usually a name, address, date of birth, and social security number, all of which are essentially public to anyone who is even the least bit dedicated to committing fraud. This current situation benefits banks so much, the few costs they do actually have to pay for insurance and after the fact pale in comparison.