Bank of America's Unintended Consequence
Bank of America recently decided to assist illegal immigrants by giving them BoA credit cards without needing a valid social security number to get the card. The only stipulation is that you have a Bank of America account (presumably to take money from if you default on the card). However there is something that I feel Bank of America did not intend on:
The rise in identity theft and credit card fraud that is going to occur thanks to their new policy.
I came upon this concept in the car this afternoon and it hit me like a ton of bricks. Bank of America has actually made it EASIER for an identity thief to steal your information and create a fake credit card that you have to pay for.
Here is the situation:
BoA sends you a bank statement every month/quarter/year with your account information, full name and address. Usually in order to fill out a credit card app, a thief would also need your social security number. Now, with BoA not needing that, all the information a thief needs is right there for whoever decides to raid your mailbox. The only thing left to do is find a BoA credit card application and file a false application. That theif now can spend thousands of dollars with your name on it.
Needless to say I won't have anything to do with Bank of America.