Originally published July 11 2005
Equifax CEO says no easy answer to identity theft, hopes consumers overcome fears of e-commerce
by Mike Adams, the Health Ranger, NaturalNews Editor
As instances of identity theft are jumping, consumers are becoming more wary of making internet purchases, but the Cincinnati Post reports that Equifax CEO Thomas Chapman says there is no "silver bullet" or easy fix for the problem, and protecting consumers will require moves like using something other than Social Security numbers as ID.
Fear of identity theft has led to big profits for credit-reporting agency Equifax Inc., but its outgoing CEO said Monday he fears concerns over data security eventually could stifle consumer spending.
"It's an epidemic that worries me to death," said Thomas Chapman, chairman and CEO of Equifax, one of the nation's top three credit-reporting companies, following a speech to about 50 people at the Commonwealth Club of California, a public affairs forum.
Chapman told the audience that identity thieves are rarely prosecuted, yet they cost the country $60 billion a year.
Chapman acknowledges Equifax has "no silver bullet" when it comes to thwarting fraud.
One popular belief is that checking a credit report once a year is a defense.
"It's not going to help, and the public is starting to learn that," he said.
He wants to see stricter standards for storing data, including mandatory encryption.
He also favors a new method of identifying people other than by Social Security number.
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