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Or you know, a centralized database. The problem is not that your SSN can be leaked, the problem is that it shouldn't be trusted in the first place. How is it
by eloff 6y ago
Or you know, a centralized database.
The problem is not that your SSN can be leaked, the problem is that it shouldn't be trusted in the first place.
How is it a thing that a bank can give a loan to anyone claiming to have my name and SSN, without verifying that, and then hold me legally responsible for their lack of judgment? And the court protects the bank?
The problem here is the banks are being dumb, and rather than letting them suffer the consequences of that stupidity - the court makes it my problem. The legal system has seriously failed Americans here.
- adolph 6y agoHow would a "centralized database" solve "a bank can give a loan to anyone claiming to have my name and SSN?"
- eloff 6y agoHow does a blockchain solve it in a way that a centralized db does not? The choice of db does nothing to address the underlying problems. Which was my point.
- idiotsecant 6y agoIn pretty much the same way that a decentralized database like a blockchain would. You interact with the centralized database to permit the transaction requested by the loan distributor, probably via 2FA. The only difference in the schemes is whether you need to trust the centralized database or not. Most people would much rather trust a large institution than have responsibility for managing their key.
- throwawayboise 6y ago> How is it a thing that a bank can give a loan to anyone claiming to have my name and SSN, without verifying that, and then hold me legally responsible for their lack of judgment? They can't. That's not to say that it doesn't happen, or that it might not be a PITA to sort it out. But in court they would need to have more than a name and SSN to prove that you took out the loan.
- jdsully 6y agoThe problem is rarely with the courts most people don't lose lawsuits like that. The problem is when the real person goes to the bank for credit and can't get it because the bank thinks you are already in default.
- eloff 6y agoAnd it could take up to a decade to sort out in the courts at your own expense. The courts and regulators have completely failed the people here. Why do they not slap the banks and credit rating agencies down for this behavior? They are failing egregiously to protect the little guy here.
- pmiller2 6y agoOr, how about we just don't publish everyone's legal identity in the same exact place? Sure, they won't be breaking into Geico to steal drivers' license numbers anymore, but just wait until this wonderful "centralized database" gets compromised....
- eloff 6y agoI actually think we should do the opposite. Publish the name, birth date, email, ssn, etc of everybody in the country. Most of that is public knowledge by now anyway. But make one really good central db out of it open to all and companies will have to stop pretending it's a secret.