Sunday, July 15, 2012
Some financial companies require contact with postal addresses now
I’ve noticed a practice by some insurance companies and banks that does fit in to my proposal for preventing identity theft. That is, simply sending a password by mail to a previously known home address, which could have been confirmed by NCOA. This practice may include requiring additional signatures from items mailed to a known home address. The technique is common when there are multiple stakeholders on an account or when these could have changed (estates and trusts).
It’s effective for services where customer access is probably infrequent and where payment is probably only occasional (once a month or even once a year, as with premiums).