[nicholasjarnold]

Yep. It sucks. Zero consequences of any import for those companies as far as I'm aware too. Tiny fines end up being "cost of doing business". Then they get to externalize their failures onto us by using terms like "Identity Theft", which indicates something was stolen from ME and is now MY problem.

In actuality some not-well-maintained systems owned by <corp> were hacked or exposed or someone perpetrated fraud on a financial institution and happened to use information that identifies me. It's really backwards.

PSA: If you haven't already, go freeze your credit at Experian, TransUnion, Equifax and Innovis. It will make the perpetration of this type of fraud much more difficult for adversaries.

[singleshot_]

PSA pro tip: they will try to steer you toward “locking” your account. Don’t fall for it. Freeze your account.

[Hugsun]

Do you know why they do this?

[singleshot_]

No. I have some guesses. A credit reporting company can probably sell access to their data for good money if the account is locked but not if it is frozen?

Put otherwise if a bank asks experian to look at my credit report and experian tells them to take a hike because my account is frozen, that’s not worth much money to the bank. But that’s the only credit account configuration that has any value to me, so I’ll insist on it.

I think “freezing” and the dynamics thereof are established by federal law, while “locked” is a think the companies made up so they had an account setting that they could provide that would give the illusion of security, while maintaining the ability to sell information associated with the account.

In other words: evil people do evil things when we aren’t paying sufficient attention. It’s our job to hold them accountable.

[tacocataco]

Innovis? That's new to me. How long till they spin up yet another credit check corporation that I have no choice but to involve in my life?

I was also informed you can freeze opening checking accounts here.

https://www.chexsystems.com/security-freeze/place-freeze