My third Wired column is on line. It's about phishing.
Financial companies have until now avoided taking on phishers in a serious way, because it's cheaper and simpler to pay the costs of fraud. That's unacceptable, however, because consumers who fall prey to these scams pay a price that goes beyond financial losses, in inconvenience, stress and, in some cases, blots on their credit reports that are hard to eradicate. As a result, lawmakers need to do more than create new punishments for wrongdoers -- they need to create tough new incentives that will effectively force financial companies to change the status quo and improve the way they protect their customers' assets.
EDITED TO ADD: There's a discussion on Slashdot.
Posted on October 6, 2005 at 8:10 AM • 43 Comments