Identity theft – Consumers and Institutions are being More Proactive
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Institutions and consumers are becoming wiser in protecting themselves from identity theft. institutions are notifying consumers earlier about their information and consumers are now checking their records for triggers relating to possible identity theft. Unfortunately, Jeffrey Roman of Bank Info Security reports that “Because of ID theft (and the current recession), credit card cancellations and denied credit are up to 70%, an all-time high. ” In view of these problems, consumers are finding it difficult to get negative information cleared from their accounts.
Linda Foley, Founder and Chairman of the ITRC recommends that institutions and business owners “Authenticate the people you’re interacting with,” she says. “Look at your company and try to evaluate all areas a thief could possibly take advantage of. Plug those holes and develop a written policy for the staff. We have to find better ways to authenticate, which will then allow someone to say, ‘I can show you that is not me.'”
This is not a problem which will be resolved in the near future, but both consumers business owners, and institutions must continue to be more proactive in protecting their data.