Before modern technology, how did financial institutions protect against fraud and identity theft?
In: Economics
Identity theft was a lot harder back then, and identity didn’t matter as much then as it does now, so there wasn’t nearly as much interest in doing it.
Fraud, they did what they do now–careful financial research. They just did it with punch-cards and card catalogues and filing cabinets, and it took a lot longer to do. But the fraud also took longer to do, so…it mostly balances out.
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