Close that barn door!

“Banks Weigh Shift From Equifax,” The Wall Street Journal, September 13, 2017 B14.  Hack of 143 million accounts causes banks to turn to Equifax’s competitors.

Talk about closing the barn door after 143 million horses have bolted!  What are the banks doing to prevent the fraudulent use of the information obtained through the hack in their decisions to issue or deny credit?  Merely moving to a different credit bureau doesn’t begin to address the flaw in the banking system’s reliance on your Social Security Number and date of birth to uniquely identify you.

Not that I’m calling for a National ID card.  Maybe we should all have a microchip, like our pets.  Don’t we need a new solution, suitable for the digital age?

See related note at “Hack of All Hacks,” September 12, 2017.

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Filed under Access, Accuracy, Controls, Corporation, Duty, Duty of Care, Governance, Information, Internal controls, Operations, Oversight, Privacy, Protect assets, Third parties, Use, Value

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