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Requiring better proof of identity would create friction to consumer credit transactions.
by elipsey 9y ago
Requiring better proof of identity would create friction to consumer credit transactions.
- PeterisP 9y agoYes it would, and that (the extra friction) is exactly what should be done to fix the identity theft problem. It's far too easy to get credit in your name, so easy that it can be done by others. But the change won't happen by itself unless a shift of liability away from the users makes it so that every company doing anything on credit sees that it obviously makes business sense for them to implement the extra friction (and suffer from it) because otherwise they are paying out money to fraudsters instead of trying to collect that from the impersonated people.
- elipsey 9y agoSorry, what I meant was: that's not happening because the status quo is better for the people who make the rules. :)
- gaius 9y agoWell, good. People buy too much junk anyway - having to jump through a hoop or two to do it would make people think - do I really need this?