These details show that it is impossible to deter a fraud boom until banks make signature and PIN systems reliable as proposed on website www.xwave.co.uk to deter anyone from getting tempted to misuse our STOLEN personal and card details.
Fake documents has made our signature system unreliable while skimmers and pin-hole cameras etc. have made PIN system unreliable. We have option to make signatures reliable by personalising them with ID stickers and option to use Card Key Code to make PIN system reliable to make use of stolen and skimmed cards meaningless. By ignoring to exploit this system banks are only letting bad problems get worse.
Since ID KEY system will deter fraud by making signature and PIN systems reliable it will eliminate the need for us to protect our personal and PIN details since fraudsters will not get tempted to misuse them.
Proposed ID KEY can be treated as a reliable international ID card because it will personalise signature and PIN number to only the right individuals in any country.
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The shoe needs to be on the other foot
Rather than penalize the victim the penalty should go first to the bank and then to the perp when they are caught. If the banks were required to reimburse the victims for all tangible losses, plus "pain and suffering" then it might raise their pain level to the point where it becomes desirable for them to actually do something. As for the perps in addition to mandatory jail time perhaps we should bring back flogging and the pillory. One strip with a cane for each $10 of damages (tangible plus pain and suffering) might bring them into line. The really bad perps would probably be whipped to death and wouldn't that be an object lesson to those who would emulate them. Certainly would prevent repeat offensives and keep the tax payers expense down at the same time.
Great Article
Thanks for this great article. You hit the nail on the head when you say that the burden has to shift from the victim to the financial institutions. Identity Theft is costly not only financially, but emotionally to victims to jump through hoops to try and restore their names and credit. Better efforts must be made by financial institutions in working with these victims to make it easier to recover otherwise they will continue to be victimized.
Felicia Donovan
THE BLACK WIDOW AGENCY
www.blackwidowagency.com