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Financial Literacy - Protecting your identity Click Here
SPOTLIGHT
Banks: Fess up
Financial institutions should have to publicly report basic statistics on their fraud rates, says this privacy law expert.
Protecting your identity

Spotlight: Chris Jay Hoofnagle

In your paper you say that telecommunications services have the second highest incidences of identity theft. How do people experience identity theft through phone companies?


Consumers: Be on high alert
Prevalence of ID theft
Identification/authentication
ID theft losses
Phone company ID theft
Benefits of banks reporting fraud
Protection for consumers
Weird impulsivity
Recent improvements

It looks as though individuals are opening up new accounts in others' names -- wireless accounts and landline accounts. This is largely confirmed by the FTC's numbers that shows that 8 percent of all new-accounts fraud is from telecommunications companies.

What will be the benefit of banks reporting their identity theft statistics?

Optimally there will be a market for competition to prevent identity theft and consumers will be able to choose banks based on identity theft risks.

Incidents per month (average of Jan., March, Sept. 2006) among institutions with high frequency of complaints
-- Posted: April 21, 2008
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