ID Theft Costs Banks $1 Billion A Year
from the ouch dept
Identity theft is still a crime that doesn’t get enough “respect” from authorities, so it’s good to see some people trying to quantify the costs – even if they might be a little questionable. The latest study says that identity theft costs
banks $1 billion a year. Banks get hit hardest as identity scammers hit them up for home loans or credit cards, and the banks have no way of verifying the person is who they say they are. As the article points out, the scarier part isn’t so much the money, but the lack of any real system being put in place to stop identity theft.