> an ID that can be stolen, copied, and sold on the black market thus ruining their financial livelihood for the rest of their lives
Not the first time I read this. It seems that in USA the identity theft issue is a very big one... even someone knowing your bank account number is hugely risky, from what I read. This not need be like this, there are other countries where this is adequately protected by law.
In Europe is normal for small businesses to publish their bank account so people can send them the money of a purchase, and that does not put them in risk. Also, for me it is unheard of that someone had a problem because his/her ID got stolen. Credit cards? Ok. But ID?
Is it a law issue? A financial industry one? (Another poignant thing for me is the degree to which US, France and other countries still use the cheque, or the problems to pay with international cards - visa / mastercard / amex - in Germany).
To give another perspective: you are legally required in Brazil to have ID (I'll spare you the fact that they are two IDs, it's historical and uninportant). You are not required to carry one, but almost everyone does, as having to show ID is very common. Even for things like store purchases, if you are not paying in cash. Or medical care.
IDs get lost/stolen all the time. They are sometimes used by crooks to do nasty stuff, such as try (and sometimes succeeding) to open companies in your name, bank accounts and the like.
However, should you lose your ID, you need to go to a police station to file what's called a "BO" (loosely translated 'accident report'). This can be done electronically these days (unless there was violence involved).
Should an identity theft happen, this document is usually enough to clear you up of any wrongdoing. And to undo whatever damage, financial or otherwise. It can still be a hassle, but nowhere near "ruining the financial livehood", much less for the rest of one's life.
It helps that checks are almost dead already and all bills can be paid electronically.
The US has (a) a much greater insistence on credit and credit checks (b) a pseudo-ID system in the "social security number" that doesn't really work and (c) much weaker consumer protection.
"ID theft" really means "credit fraudulently obtained in one's name". That this is a problem for the person whose name was used and not the business defrauded is a tribute to the US's strong pro-business culture.
Agreed. But ID theft can go far beyond that of course. It can involve filing for your tax refund in your name, or getting fake IDs and committing crimes in your name, or registering websites etc in your name as a cover. It goes far beyond credit, though that is certainly a popular scam.
Following the usual US business standard, it's probably just cheaper to deal with it as it stands instead of fixing it.
For example, create a law that forces a business that transacts with an identity thief to pay to the victim three times (or whatever) the amount spent in their name as compensation. Then you might see some changes being discussed.
Not the first time I read this. It seems that in USA the identity theft issue is a very big one... even someone knowing your bank account number is hugely risky, from what I read. This not need be like this, there are other countries where this is adequately protected by law.
In Europe is normal for small businesses to publish their bank account so people can send them the money of a purchase, and that does not put them in risk. Also, for me it is unheard of that someone had a problem because his/her ID got stolen. Credit cards? Ok. But ID?
Is it a law issue? A financial industry one? (Another poignant thing for me is the degree to which US, France and other countries still use the cheque, or the problems to pay with international cards - visa / mastercard / amex - in Germany).