ID Theft

Should credit card companies and retail stores foot the bill on ID theft?

The answers to ID theft are simple. I feel that credit card companies need to ID people they give credit to, stores need to ID people using credit cards, online stores need to call back the person using the card to verify user. Why should the credit card holder foot the bill when it is bad people out there using their numbers and rich minded credit card companies and stores willing to help steal from many? Stupid Americans we are to let this happen. Call your lazy Rep in congress for change. Or just go along with the crimes....

Public Comments

1. That a somewhat impractical solution. IDs are easy to fake too. If I have your ID, it wouldn' be hard for me to walk into a DMV to request a fake license. Generally speaking you are only liable for $50 for any stolen credit card. Most companies don't even charge that. The best way to prevent ID theft is to be aware and diligent about monitoring your credit. Start at sites like annualcreditreport.com and creditkarma.com.
2. Well, I agree that face to face transactions should all include ID checks. As far as internet purchases go, that's a hard one. I gues a call back would suffice in some cases. As far as the card holder having to foot a bill when their identity was stolen, well, most creditors these days offer ID theft protection and will repay YOU if you report the theft.
3. they will generally eat the loss but the onus is on you to prove that your id has been stolen. thats why you need to be diligent in knowing your credit bureau status and whether items are showing up that you havent borrowed for.
4. Credit card companies and retail stores ALREADY foot the bill on ID theft and fraud. You report it and if the credit card company verifies the theft/fraud, the card holder doesn't pay anything. Usually the credit card company backcharges the retail store.