5 lessons about consumer identity in the mobile era
Long gone are the days when consumers had their Social Security and driver’s license numbers pre-printed on their paper checks for faster identity verification. Consumers now understand that such precious elements of their identity need to be better protected.
So while checks have been disappearing for some time (according to the Federal Reserve Payments Study) and consumers no longer have Social Security numbers preprinted on them, they still pose a threat by exposing checking account and bank routing numbers along with name, address and phone. So while payment cards are easier to use in stores and especially online than checks, it may the fact that checks advertise consumers’ identities and financial details that will ultimately lead to their demise.