(Also posted in the discussion for an article re the lawsuits being filed vs Equifax for the leak)
Credit card companies could provide other businesses such as Equifax distinct mere-reference numbers which the customer doesn't see and which can't be used for purchases - just to absolutely identify which card, for all parties. These could be added to the magnetic stripe or chip in the card, for example. (It might be gilding the Lilly, but many such reference numbers could be used for a given card, re privacy issues or otherwise. But then those numbers couldn't be usefully passed between companies for all purposes.)
There's no need for anyone but the customer and Credit Card company itself to retain the actual credit-obtaining-number (other than to allow future purchases with permission, which is the rarer case, often needs to be prevented not facilitated, and doesn't excuse Equifax having more than a reference number.)
Yet the credit card companies don't do this. Why not? 'Cause humans are idiots, all of us, that's why.
PS - run to the patent office and you might be able to make a ton of money patenting this, since patents are now given to whoever shows up at the patent office with the appropriate fees first. Precedence doesn't matter. You would be implying that you thought the idea up independently, of course, but you're smart, right? That's totally the sort of thing you could think of independently. Then when you're rich, you too can help choose what the patent laws look like, and whether rich people should pay taxes.
Credit card companies could provide other businesses such as Equifax distinct mere-reference numbers which the customer doesn't see and which can't be used for purchases - just to absolutely identify which card, for all parties. These could be added to the magnetic stripe or chip in the card, for example. (It might be gilding the Lilly, but many such reference numbers could be used for a given card, re privacy issues or otherwise. But then those numbers couldn't be usefully passed between companies for all purposes.) There's no need for anyone but the customer and Credit Card company itself to retain the actual credit-obtaining-number (other than to allow future purchases with permission, which is the rarer case, often needs to be prevented not facilitated, and doesn't excuse Equifax having more than a reference number.) Yet the credit card companies don't do this. Why not? 'Cause humans are idiots, all of us, that's why. PS - run to the patent office and you might be able to make a ton of money patenting this, since patents are now given to whoever shows up at the patent office with the appropriate fees first. Precedence doesn't matter. You would be implying that you thought the idea up independently, of course, but you're smart, right? That's totally the sort of thing you could think of independently. Then when you're rich, you too can help choose what the patent laws look like, and whether rich people should pay taxes.