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Stealing Us Blind

It’s not only crooks that are stealing us blind. In his remarks at the Gartner IT Security Summit in London; Avivah Litan, research director at Gartner, describes how US banks are so consumed with obtaining customers that they fail to perform simple credit verifications. The resulting fraud he estimates at $50B, yes a big B. Of course, it isn’t the banks that pay. It is you and me in the form of higher credit card fees and interest.

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