Comment Security Rehash Part Deux (Score 1) 82
The more I see this happen - the more I think we need to change the economy for stolen data. Remember when they stopped arresting prostitutes and targeted the John's ? Locks can be picked and there to keep honest people honest. Credit monitoring must be pretty cheap as more companies buy it as an insurance product. This data is going to be stolen !
Now we need to make it worthless.
In the world of digital "signup on the web" stolen data can be used pretty quickly. Like the bad checks loop hole (popular on Craigslist and others). The detection of bad id's needs to be easier and products for purchase harder to get. There are days that I believe the 3 credit reporting agencies are responsible - they created a market & product that is easy to abuse. Yes - I can flag my credit rating (even "lock" it) - but then my life becomes difficult.
Maybe a smartApp that allows easier monitoring and blocking of requests. My AMEX credit card already gives real time purchase details on my phone. This might aid in detection.
Now - how to reduce the value of the products? (or increase the cost to acquire).
And just maybe - make it expense for the companies that hold this data to the point they find another way.