Why not do this?

Question

With all the identity theft going on these days, why don't the credit card and loan companies require a fingerprint to prove identity? You know, ask certain questions that only the person applying for credit would know (birthplace, mother's maiden name, streets you have lived on, schools attended, etc). I know these are general questions, but would a thief go through all the trouble to find out all these and more answers? Then once the company is satisfied with the answers, send a signature required package to the home address of the applicant, with instructions on how to obtain the fingerprint. Then change all the machines in the stores to be able to scan the fingerprint to verify identity? Does anybody else think this is a good idea? I know it would be a tremendous amount of work and $ for the companies to switch over, but in the whole scheme of things with all the money they lose yearly to identity theft, it makes complete sense to me. What do you think?

What I mean is this. Send out the paper app. Once it is "initially" approved, obtain other info such as what I have listed above. Send these questions along with instructions on obtaining a fingerprint to the applicant. Make it so that they have to obtain the fingerprint with an authorized person, say the state police (if they could work out a contract with the governing agency) that has to be signed by the person completing the fingerprinting. I know its alot of work for a CC, but I would do it if it insured my security. In the last year I've had to have my card replaced twice because it was compromised, my 83 year old grandmother had to have hers replaced, and so did my mother in law.

Answer 1

i think companies would go through all of that trouble if they were losing enough money. It's a cost to benefit ratio, if the cost of performing all of those security hoops didn't outweight the amount of money they were losing in stolen merchandise, then they would institute those security measures.

Answer 2

Authentication, and spoofing.

Example, if you send out your credit card app with a finger print, how does the credit card company (a private company) know that fingerprint really is yours? Is there some place they can look it up?

If so, a thief can also look it up there, and send in the finger print.
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There are three ways to authenticate someone.
What you know.
What you have.
What you are.

Fingerprints are a test of the final case. However, tests for these are extremely difficult, because of the need to match against something existing.

Some companies have started to implement two-factor authentication, by combining things you know (passwords), with things you have (a smart card). But biometrics (what you are) are still in its infancy.

Answer 3

I believe there is nothing that can be done about stopping identity theft no matter how good your idea sounds. It's like trying to stop the war on drugs. It will never happen.

Answer 4

Any society that would give up a little liberty to gain a little security will deserve neither and lose both.
Benjamin Franklin