Re: “‘Protection Money’ is such a harsh analogy….” :-P

I realize some folks may think I was a little too harsh on big banks in the last entry by relating identity theft protection plans to organized crime extortion, but is it really that far-fetched of a comparison?  😉

Traditional Definition Of “Protection Money” – Pay the dude in the suit X amount of dollars on a regular basis so hopefully something bad doesn’t happen to you that the organization’s ultimately responsible for.

Identity Theft Protection Plans – Pay the bank X amount of dollars on a regular basis so hopefully something bad doesn’t happen to you that the organization’s ultimately responsible for.

Deja Vu?  😉

It’s all about accountability and who’s ultimately responsible.  If someone’s not all that good with sensitive information and their info gets casually stolen, of course it’s their fault since they goofed up, but when security gets a little lax and customers’ accounts get breached at XYZ Co., that’s a completely different story.  People need to be able to call out fraud when it happens and keep this blemish off of their credit reports of course.  😛

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