Will FACTA eventually extend to e-commerce

OK – here’s a semi-deep thought. While we have been focusing a lot of our attention on how address changes lead to ID Theft in financial services – we also understand that most of the fraud in e-commerce can be traced back to transactions where there is a difference between the “Bill To” address and the “Ship To” address. Think about it for a moment. If someone has stolen your credit card – how do they use on the internet to gets goods fraudulently shipped? They first fill in the correct Bill To address and then ship to an alternate location. Most in the banking industry would not classify this as ID Theft, but rather a Lost/Stolen card. However – with the stakes rising on detecting and detering ID Theft per the Fact Act, I am wondering if it is only a matter of time before e-commerce transactions with “Bill To” / “Ship To” address discrepancies will be covered under the Fact Act.

You will be hearing more from me on ways to combat this type of fraud in the coming days and weeks.

If you have any perspectives – I’d love to hear from you.


Date Posted: February 11, 2008 Author: Category:   IDI Blog

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