[e-gold-list] Re: Inspiring honesty on the part of big government...

[Graham Kelly]

On Sat, 14 Jul 2007 08:54:34 -0700, "unlinQ Marketing"
<marketing at unlinq.com> said:
> On 7/14/07, James M. Ray <jray at 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.html

> 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.

Are the banks to held responsible for ID theft?

> They have placed the burden squarely on the shoulders of their
consumer and merchant clients.

True. However, we force the 30 odd banks that we deal with to "know us"
thereby alleviating some of the pressure.

>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.

In THOSE cases, of course the bank is liable! WHO else can they
blame? LOL

>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.

Very cunning... I realised a few years ago of the insidiousness of this,
and we moved strongly to avoid being a patsy for the "concerned" banks.

> 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.

Possibly... but the credit reporting agencies don't work for the
citizens. Therefore they try to avoid them. (Indeed, the agencies tend
to believe EVERYONE is a potential defaulter!)

>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.

Ahh, but the "instant" comsumers of today find that just too arduous.
What we (they) need is an internet based ID method. Possibly similar to
what I plagarised over the past 9 years. Not perfect, but it works
99.9% of the time.

GoldNow does about 11 automated checks on customers. Most times we (now)
don't even need to call them. Our fraudster avoidance (and reporting) is
working *extremely* well.

Live free... and secure!

Graham Kelly CEO 
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