September 10, 2007
The S.E.C. requirement for internet transmission of social security number, date of birth, name, and account number in order to enroll for electronic (paperless) annual or other required reports is an unnecessary compromise of personal identity security, and invites hacking, accidental loss of these files by various means, and the resulting increased risk of identity theft.
I would propose that a client be able to submit only his name, phone number, and e-mail address, and that this would suffice to allow e-mail delivery of all required standard publications. It would not allow internet account access or control, but only the e-mailing of notifications of availability to view, or the transmission of links to view public documents, such as the periodic reports. Electronic account viewing and control should be a separate enrollment process.
This would save vast amounts of wasted paper and give many more clients the confidence to register for this service, without compromising their identity security.