I think the statement that “Companies Can’t Put A Stop To Data Thefts” is more than a bit misleading. They could, and likely can, but it isn’t in their economic best interests to do so. Leaving the hapless customer to deal with recovering their funds, and their identity, seems to be the modus operandi. “Here’s a free credit report” is the spokesperson’s statement of choice nowadays.
The data companies are entrusted with (with or without our permission) is extremely valuable – worth billions if not trillions. There should be more accountabillity.
As a free markets believer, I like competition that drives consumer costs down. But, the telco industry continues to sell broadband for ever cheaper prices (disregarding all the strings attached) while complaining they can’t recover bandwidth costs, and pointing fingers at content providers. Financial services players (and big data brokers) seem to take on the same line of thinking – create ever cheaper services for consumers, and if they are thwarted by hackers, garbage bin divers, or even their own stupidity, point the finger at someone else.
Something has to change, and I for one wouldn’t mind paying a little more for that change.
And the band plays on. I am waiting to hear the credit report offer.
Thanks to David for pointing this out!