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> being easier for the bank to punish the consumer The bank isn't trying to punish the consumer. This is just an unfortunate consequence of fraud that the bank
by ryanlol 7y ago
> being easier for the bank to punish the consumer
The bank isn't trying to punish the consumer. This is just an unfortunate consequence of fraud that the bank is often entirely unaware of.
And big bad banks aren't the only victims of "identity theft", local small businesses are just as capable of messing up your credit.
If the regulators wanted to stop this they'd create a better ID system, but they don't want to do that.
- rapind 7y agoI really don't think the banks who participate in this system are "unaware" of the consequences. Again it's really just that the incentives aren't there or aren't sufficient to make them care. I also don't really like the language "big bad banks". I believe you have a bunch of self-interested people (aren't we all?) and a corrupt system. People who go home and kiss their kids. If regulators aren't doing something that's in societies best interest, we should be figuring out why (corporate capture perhaps?).