John P Baker wrote:

At the same time, consider the costs to the individuals whose private
financial records may have been compromised.

What are the costs ? It was said the costs are huge, but WHAT they are ?
How much ?



As far as compatibility, XML structured data which has been encrypted using
public key cryptography would be an obvious approach.

Maybe applicable to this case, but in general totally inapplicable.
BTW: It doesn't matter what data (XML format or not) do you send, it is important how do you encrypt them. Physical format, algorithms, algorithm options, keys, EBCDIC vs ASCII etc. And for sure public key is bad approach. Encryption is CPU consuming. Assymetric encryption requires approx. 1000 times more CPU than symmetric one. Even SSL uses assym. during handshake phase only, and then all the data are encrypted with symmetric key.


When your neighbor becomes a victim of identify theft, what excuse will you
offer?

It sounds like victim of war, or nuclear catastrophe.
Will the neighbour survive ? Will be crippled or wounded ?
Maybe he should get help from some group like AA ?

I'm sorry, couldn't resist.

--
Radoslaw Skorupka
Lodz, Poland

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