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> If the banks didn't open fraudulent accounts, they wouldn't put incorrect information on credit reports and there wouldn't be any unknown debt. Well. Sure. B
by jkyle 11y ago
> If the banks didn't open fraudulent accounts, they wouldn't put incorrect information on credit reports and there wouldn't be any unknown debt.
Well. Sure. But that's the point. That's why it's called identity theft. Someone has acquired the information about you needed to effectively pretend to be you.
For example, say I convince the police that you committed murder. As a result they arrest you and put you in jail. By your logic, you're not a victim in this scenario because if the police didn't get fooled into arresting you nothing would have happened.
I think almost any reasonable person would agree that you were a victim in the above scenario. Regardless whether a third party bears some level of responsibility or was used as an instrument in that victimization.
- maxerickson 11y agoSomeone has acquired the information about you needed to effectively pretend to be you. This low bar is set by the banks! I'm not saying that innocent third parties that the banks and financial system harass are not victims, I'm saying that the central role of the bank in the crime makes it more reasonable to describe it as bank fraud. The murder analogy sort of breaks down, the dead guy (which I see as analogous to the bank) can't do a whole lot to push the consequences of you murdering him onto me. A bank that opens a fraudulent account can (and in fact, this is the major source of the problems for those that are impersonated).
- maxxxxx 11y agoTotally agree with maxerickson. I remember some years ago there was a discussion whether banks should first check back with the consumer whether he really wants to open the account. Banks were against it because it's too much trouble for them.
- Zigurd 11y agoI also agree. Interesting how these accounts get opened without it being a violation of the post 9/11 know-your-customer laws.
- maxxxxx 11y agoThe banks could make a simple phone call and ask you whether you really want to open the account. Or send you a letter. that would stop a lot of "identity theft". The only reason they get away with this is because they can make your life hell and unless you can afford a lot of lawyer time there is not much you can do.