Earlier quoted context omitted.
Surely the actual problem here is that the responsibility for reliable identification somehow falls on the consumer, not the bank or what have you? I'll give an example: if I get a phishing email claiming to be from my bank, and end up wiring them $1000, I'm out $1000 for not having done the due diligence for verifying that it in fact was my bank; my bank doesn't suddenly owe me $1000. Somehow, though, if some 3rd pa…
The problem with what you're proposing is that, as far as I understand, the real "consequences" for things like identity theft end up being intangibles like "time" and "annoyance" or "credit score". I don't think you'll actually be out $1000, the bank will just reverse it or it will be covered under some sort of insurance or something. Many times its just people taking out fraudulent loans under your name (vs. direct…
Re: DoorDash confirms data breach affected 4.9M customers, workers and merchants
#71Except that it can take months or years for the affected individual to clear up their credit record. And they may still end up on the hook for some of that debt. There is a direct and immediate impact on the individual in terms of debt against them and whatever credit reporting occurs on that debt. There is more distant impact on the lenders to eventually eat the losses - which in aggregate are in fact quite large - but no real impact to the lender’s reputation.