Jose Menendez brings the stupid
WOIA:
A measure introduced in the Texas Legislature would affect the transactions you make with retailers, demanding that a business owner check a photo i.d. before accepting a debit or a credit card, Newsradio 1200 WOAI reports.
"Some stores already do this," State Rep Jose Menendez (D-San Antonio), the sponsor of the proposal, told Newsradio 1200 WOAI. "I think it would great, I don't think it would take that much longer, and I appreciate it when a store asks me for an i.d."
It is impressive how pro-regulation legislators manage to come up with inane regulations that would waste time while helping no one. Clearly Menendez knows absolutely nothing about credit card fraud, but he has no problem filing a bill to regulate it.
Unlike Menendez, I actually do know something about credit card fraud, having worked professionally at preventing it. Menendez's bill would do nothing to make anyone's finances or financial information more secure. (Hint: the consumer is not liable if someone steals a card and commits fraud.) And of course, it wouldn't help businesses with a POS terminal -- they already have the option to do it, and they already have a financial incentive to cut down on fraud.
The most pernicious credit card fraud these days is being done using skimmers or hacking the POS terminal. Since those would be exempted from Menendez's bill, if every state adopted Menendez's idea, we'd have even more places for fraudster to put skimmers. So fraud would likely go up.
Ideas have consequences.
Posted by Evan @ 12/01/14 11:20 PM
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