> Or if you think that's too inconvenient you can take on all the risk if the borrow later disavows the debt.
They are already required by law to assume the risk for fraudulent charges. It's just a mess and hassle for consumers.
It's like leaving packages on doorsteps without signatures. Apparently they just make more money eating the occasional fraud losses than the price of doing something safer.
I’m not talking about fraudulent charges, but entire accounts. Credit cards and car loans opened using someone else’s identity. When that happens today, the victim can spend years trying to unravel the mess and repair their credit files.
In my case, a phone line for a ‘drug dealer’ that was eventually tapped by law enforcement. The phone company tried to stick me with 3k$ in fees. Initially, the only correct information on the account was my address — they had verified nothing else.
They are already required by law to assume the risk for fraudulent charges. It's just a mess and hassle for consumers.
It's like leaving packages on doorsteps without signatures. Apparently they just make more money eating the occasional fraud losses than the price of doing something safer.