A lot of journalists are reporting that, given the Equifax data breach, banks are now off the hook if they mistake you for me, and open an account for the wrong person. Who can really tell these days right?
I say "nice try" but the rules have changed, given now we know what they told us was secret no longer is. So issue new credentials? Think of new ways to establish trust? The bitcoin people do this all the time, and yet only get flak for it from the supposedly security-minded banks.
Now that we all know an identity is easy to forge, that currency, trafficked in by Equifax, has been thoroughly debased. Don't believe lawyers who say banks are protected from complicity in fraud if they do not exercise due diligence.
What due diligence meant then, and what it means now, given the balls that've been dropped, is a whole new ball game. Many conventional / routine transactions may no longer have that flavor. It's not just "the masses" who've realized the credit game has turned some corner.
Glenn and I watched the Timbers win the Cascadia Cup.
I say "nice try" but the rules have changed, given now we know what they told us was secret no longer is. So issue new credentials? Think of new ways to establish trust? The bitcoin people do this all the time, and yet only get flak for it from the supposedly security-minded banks.
Now that we all know an identity is easy to forge, that currency, trafficked in by Equifax, has been thoroughly debased. Don't believe lawyers who say banks are protected from complicity in fraud if they do not exercise due diligence.
What due diligence meant then, and what it means now, given the balls that've been dropped, is a whole new ball game. Many conventional / routine transactions may no longer have that flavor. It's not just "the masses" who've realized the credit game has turned some corner.
Glenn and I watched the Timbers win the Cascadia Cup.
