Re:Stop Calling it ‘Identity Theft’
by kiriakasis on Wednesday September 27, 2017 @01:09PM
(#15349896)
ok... i think the point is that it should be mandated by law to have chip+pin(+maybe contactless)+CCV with credit cards, and also two factor authentication for most online transaction.
Whether the current business model does not provide these assurances is inconsequential: it can be imposed as a customer protection law.
It is to be discussed whether the increase in the cost of the service would be worth it though.
In a high trust society you are extremely vulnerable to this stuff. Low trust societies do not have this problem in the same way.
The major problem really is that high trust society credit etc are optimising for sign up rate. Any kind of serious personal authentication mechanism will seriously impact conversion rate, which is the giant dashboard they have on the wall. There are whole teams of people whose job it is to make sign ups and conversions better. The fraud team is much smaller and as long as it doesn't impact the top line numbers too much they will be ignored.