Re:The Equifax breach may be the worst leak of personal info...
by svachalek on Friday September 08, 2017 @12:54PM
(#15201847)
Banks never lose. They just create a fee to pass it on, throw a party and hand out bonuses.
But... in this case, the overall cost may be high enough that there's a competitive advantage in not needing to charge this particular fee, and that will force the industry to do something about it. Maybe.
Re:The Equifax breach may be the worst leak of personal info...
by chipperyman573 on Friday September 08, 2017 @01:23PM
(#15202188)
Banks are already charging all the fees they think they can while still remaining competitive. If they could have already charged another fee they would have.
If my SSN & other personal details get out, it's my problem. If the SSN & personal details of half the country leak out, it's somebody else's problem.
Whose I'm not sure, but it would seem like banks. At this point, virtually all potential credit applicant's details have been leaked, and I believe it's the banks that ultimately lose when they issue credit to a fraud. So if you're the bank, hopefully right about now you're starting to think you need a much better method to authenticate credit applicants.