Lenders To Blame for Identity Theft?

Intruders have raided yet another major consumer database. Are lax verification procedures at credit card companies and other financial institutions to blame?

Why is it that thieves focus on finding out your Social Security number and birthdate?

Just a few items of information are needed to open accounts in your name and commit fraud. Lax verification procedures at credit card companies and other financial institutions make that possible. In some cases, its ridiculously easy. Identity-theft experts say that lenders regularly open accounts without correct names, addresses or picture ID.

Once a consumer reports fraudulent activity, law-enforcement agents say that one of the biggest frustrations they face in investigating ID theft, besides a lack of resources, is lender stonewalling.

Read the entire MoneyCentral article here.