| Clarification: FTC Identity Theft Story
In a Nov. 30 story, The Associated Press reported that the Federal Trade Commission estimated consumer fraud and identity theft cost Americans $1.2 billion in 2006. The figure came from the annual report of consumer complaints to the FTC, released Feb. 7, rather than the Nov. 29 FTC report analyzing FTC telephone surveys of consumers. .
Regulators want new ID-theft measures
The nation's top financial regulators want to make sure banks are doing everything possible to curb identity theft, the financial crime that takes millions of people for billions of dollars every year.
But as the government considers imposing new requirements on financial institutions to help prevent ID theft, the banking industry worries the initiative will result in costly red tape that could ultimately hurt consumers more than help them.
The Federal Reserve and five other regulatory agencies unveiled a set of proposals this week that would require financial institutions to take detailed measures to prevent the compromise of customers' financial data.
.
Critics question latest government report on identity theft
WASHINGTON (AP) - The Federal Trade Commission says a new analysis concludes 8.3 million Americans over 18 were victims of identity theft in 2005. That's down from 9.9 million in 2003. But consumer advocates are not convinced the numbers are accurate. One problem in getting accurate information about identity theft is that most consumers don't know it when their personal information is compromised. And the FTC acknowledges that its identity-theft survey involved such a small sample that the results are not "statistically significant." Still, there's agreement that ID theft is a monumental problem. One research firm says it cost American businesses $55 billion in 2006. And the FTC estimates the cost to consumers last year came to $1.2 billion. Copyright 2007 The Associated Press.
LifeLock signs pact with NRA
Identity theft prevention service company LifeLock added a big gun to its list of clients, signing the National Rifle Association in a pact that gives members of the firearms organization discounted rates. LifeLock, based in Tempe, communicates with the nation's largest credit reporting agencies to make stolen information unusable to thieves. Backed by a $1 million guarantee, the company essentially reports stolen data, including bank account, credit card and social security numbers, to the agencies to stop charges from being approved. The service also removes customers names from junk mail lists and pre-approved credit card offers. With the partnership, NRA members will receive 60 days of free service and a 10 percent discount. The monthly cost for LifeLock is $10.
Government bill attacks identity theft
OTTAWA - The federal government took a landmark step Wednesday toward battling the explosion of identity theft by introducing legislation making it illegal to collect personal documents belonging to others in order to commit fraud. "Every day the issue of identity theft affects or threatens more Canadian families and businesses," Justice Minister Rob Nicholson told a news conference Wednesday. "Identity theft is costly to banks, to retailers and consumers alike." Under the new bill, part of the government's toughened fall law-and-order agenda, it will become a crime in Canada to obtain, possess or traffic another person's passport, credit cards, drivers licences or other identity documents for the purpose of committing fraud. The legislation is meant to close a gap in the Criminal Code.
Brown backs biometrics
Chancellor of the Exchequer Gordon Brown has said the UK will use biometrics on a national scale for cross-border control, for anti-terrorist measures and to combat identity theft. Brown, who has in the past been silent over such issues, said supermarkets and banks will use biometrics in the future and the government would follow them. He said: "Today Californian supermarket shoppers are paying with a finger-scan at the checkout and Japanese cash machines are asking for a finger-scan rather than a PIN. The reason is simple: they are more secure against fraud and theft. "And with passports now requiring biometrics, a necessity people understand, 80 per cent of the adult population will have to register their biometrics to ensure our borders are secure and so they can travel freely across the world." But as part of his speech at the Royal United Services Institute yesterday, Brown cited inaccurate Home Office figures of �1.7bn as the cost of identity theft to the UK.
|
