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Many kinds of fraud mentioned in this post and the original article hinge on the fact that fraudsters can easily withdraw the money from the destination account
by Aspos 4y ago
Many kinds of fraud mentioned in this post and the original article hinge on the fact that fraudsters can easily withdraw the money from the destination account.
Just close this loophole and a bunch of fraud schemes will go obsolete.
Require physical presence in the bank with machine readable biometrics passport for account opening (just like everywhere else) and boom, half the fraud schemes are gone.
US forced all other countries in this world to require physical presence in the bank (great initiative, btw), but made an exception to themselves.
Require machine-readable passport with biometrics for large cash withdrawals (just like everywhere else).
Create a centralized, machine-readable, PKI-enabled proper identification infrastructure (just like everywhere else) instead of painted plastic which they call driver licenses, create a centralized, unified, secure registry of all people instead of using SSN and boom, the rest of fraud schemes become useless.
Just start with this, easy to implement, simple solutions which will pay for themselves in a few years. No need to invent a bicycle, numerous countries went this way long time ago, there are no unknowns on this path.
Alas, again, politics.
- bluedino 4y agoWhat about gift card scams?
- Aspos 4y agoThere should be no way to convert gift cards into large amounts of cash for starters. US, perhaps, is the only developed country with gift card scams problem.
- thallium205 4y agoThe US limits gift card amounts to $500 and most retailers don't even allow that amount.
- bluedino 4y agoDo other countries not allow people to sell gift cards for cash?
- scoopertrooper 4y agoThey should just get rid of gift cards all together. I couldn't think of a worse gift than a gift card. It has same level of thoughtlessness as gifting someone a bunch of cash, but brings them less utility because they're constrained to spending it at a specific store unless they on-sell the card at a haircut from the face value.
- ahtihn 4y ago> Require machine-readable passport with biometrics for large cash withdrawals (just like everywhere else). What do you mean by everywhere else? I'm not required to have a passport for large cash withdrawals in Switzerland, a normal id card is enough.
- Aspos 4y agoSwiss ID card made by Thales is quite difficult to forge. IDs of foreigners are biometric. There is a centralized registry against which ID cards can be verified. I wish we had all that here in the US. There is a good balance between security, efficiency and privacy in Switzerland. US should emulate CH.
- mschuster91 4y ago> Require physical presence in the bank with machine readable biometrics passport for account opening (just like everywhere else) The problem with that in the US is that the US - unlike almost every other developed nation - doesn't have a requirement for people to possess a government issued ID card or a passport. The reasons for this are multiple: right-wing/"sovereign citizen"-type of people afraid of the government building databases or whatever, people exploiting illegal immigrants (aka well-connected farmers and meatpackers) who would not be able to pay their staff, and people on the left who see it as yet another expense to be paid by poor people.