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"IDentity Theft, The Financial Raping of America"
Did you know that if your favorite merchant gets hit with too many stolen credit cards, his cost will go up on his business to accept your credit card? If these losses are greater than what the industry standard states in their contracts, he could lose his rights to display the VISA and MasterCard logo. If he cannot display these logo's, his business will be forced to close.
Did you know that the credit card industry and major merchant's consider's "Identity Theft" as a cost of doing business?
Do you know why seventy percent of all retailers never ask for ID's? This is why!
This is a partial statement from Senate Bill 5720, Chapter 89, Laws of 2003, from the State of Washington. This bill was sponsored by the Honorable State Senator's Rasmussen, Winsley, Prentice, Benton, and Kline.
"The legislature finds that financial fraud is too common, and that it threatens the safety and well-being of the public by driving up the costs of goods and services and unduly burdening the law enforcement community. Further, the legislature finds that financial fraud can be deterred by allowing retailers to verify the identity of persons who seek to pay for goods or services with a credit or debit card. Finally, the legislature finds that some retailers are deterred from verifying their customers' identity by contractual arrangements with credit card issuers. The legislature declares that such contracts violate the public policy that all citizens should be able to take reasonable steps to prevent themselves and their communities from falling victim to crime."
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