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Financial Literacy - Protecting your identity Click Here
SPOTLIGHT
Who are the real perpetrators?
The credit card industry is as much to blame for the problem of identity fraud as the thieves, says this expert.
Protecting your identity

Spotlight: Bob Sullivan

Bob Sullivan is mad as hell and he's not going to take it anymore.

At a glance

Sullivan, an MSNBC senior new technology writer of "The Red Tape Chronicles" and author of "Your Evil Twin: Behind the Identity Theft Epidemic," has written more than 100 articles about the sneaky ways high-tech thieves pass themselves off as us and plunder our credit card, bank and even cell phone accounts.

Who's Sullivan mad at? The thieves, sure. But also the credit lenders who have already factored identity theft into their cost of doing business, leaving the victims to pick up the pieces of their decimated credit rating, payment histories and financial reputations on their own.

It's interesting to see this sudden national outrage at subprime lenders today when credit card companies have essentially been doing the same thing on a smaller scale for years, with little reproach.

I completely agree with you. The credit card industry has gotten a free pass on so many of the things that they've done.

In addition, as you point out, they've opened up a virtual supermarket for identity thieves.

I say things a little more boldly and clearly now, and obviously identity theft is a complicated issue. But the truth is, there really wouldn't be identity theft if it weren't for the credit card industry. That's where all the money is. They're the ones who make it easy.

-- Posted: April 21, 2008
 
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