Identity theft continues to grow as a huge industry, nailing an estimated one in 10 Americans and generating more than $100 billion in losses worldwide.
Credit card companies and banks could take simple measures to curb the problem. They could start by taking a simple lesson from, of all places, Facebook. Sure, Facebook has had its share of security lapses. But, one of its new features provides a simple model that could be emulated at minimal cost.
The new Facebook security feature verifies that the computer you are using is allowed to log in as you. A consumer who uses this new security feature gets a text message via cell phone with a code that must be used to log in.