Fwd: [e-gold-list] Re: Inspiring honesty on the part of big government...
On 7/14/07, James M. Ray <jray@martincam.com> wrote: e-gold gives 'em real crooks on a silver platter, over and over....
http://www.informationweek.com/blog/main/archives/2007/07/whos_fighting_i.ht...
As Ian Grigg has noted, a major reason identity theft continues relatively unabated is that that the banks have managed to insulate themselves, through lobbying, from most of the loss risk under law. They have placed the burden squarely on the shoulders of their consumer and merchant clients. A great deal of such fraud involves the creation of new and shadow accounts by the criminals that go undetected by the consumer until its often too late. The banks have only offered the fig leaf of for-fee services so consumers can be enlisted by them as sleuths to check their credit information for unexpected activities.
If consumers were empowered to utilize the credit reporting services as a legally binding throttle to unauthorized issuances of new credit a great deal of this crime would vanish. One way this could be done is if notations were placed in their credit files that required newly submitted credit applications to be accompanied by stamps attesting to a recognized notary's authentication procedures for identification of the applicant.
Dee Lync