So what if you and up to 150 million other people lost their identity, including credit card numbers, to identity theft.
It’s been more than 3 years since Equifax belatedly reported their totally irresponsible, almost incomprehensible, data breach. You would think that when 148 million people had their sensitive personal data, including their names, driver licenses, date of birth, phone numbers, email addresses and social security numbers stolen, good people everywhere would begin to demand changes in our Credit Rating Agencies’ practices AND question the value of Know-Your-Customer or KYC. This is not the first time I have posted on the diminishing value of, or the dangers of KYC, yet so very little has changed Equifax postmortem . The whole credit industry, which relies upon knowing explicitly and well the person to whom credit is being extended needs to be revamped and our legislatures need to force changes in the law which will prevent these types of data breaches. There are technologies available now, such as Self Sovereign Identity (SSI) Sovrin.org which could easily prevent such major breaches provided institutions do not subvert the intended practice by storing the ID credentials to enhance marketing practices. Physical credentials, such as a Drivers License for example, could be presented and verified by a Bank employee who will issue a digital credential while NOT storing a plain text record of the actual credential. When will legislators wake up to the problems inherent in KYC and amend our laws to better protect citizens from identity theft ? In case you believe it is only private companies who exhibit such poor custody of your personal identity; Governments, the very people making the laws and failing to protect our privacy by forcing KYC upon us, are every bit as guilty of exposing your identity to nefarious criminals. Government data breaches .
Speaking of Government they are not only failing to properly protect your data, they are often the perpetuators of the breach. Equifax data was in fact, breeched by the Chinese government, as an act of espionage! That is to say not by criminal “black hats” intent upon financially benefiting from the personal data and Credit card numbers stolen. Chinese Government Hack