Business & Finance
News
7/5/2005
12:40 PM
Connect Directly
RSS
E-Mail
50%
50%
Repost This

Banks Will Provide ID-Theft Data To FTC

Move will help law enforcement spot large-scale ID-theft schemes.

The Identity Theft Assistance Center said Tuesday that it will provide information to the Federal Trade Commission in order to aid law enforcement in catching perpetrators of ID-theft crimes.

The center, known as ITAC, is a bank-sponsored service that works with victims to restore their identities. Victims are referred to ITAC by their banks. ITAC walks victims through their credit reports, helps them place fraud alerts with credit bureaus, and notifies companies that appear to have had accounts opened fraudulently under victims' names. In its first year of operation, ITAC has helped 2,000 victims restore their identities.

The FTC will place information collected from ITAC in its Consumer Sentinel database, which is accessible by more than 1,300 federal, state, and local law-enforcement agencies. The database is used as a source of information to further ID-theft investigations, said George Handley, unit chief of the FBI's Financial Institution Fraud unit, in a statement.

Although banks have worked individually with law-enforcement agencies, the move by ITAC is the first in which banks have shared information on a pooled basis, says Anne Wallace, executive director of the Identity Theft Assistance Corp., which operates ITAC. Law-enforcement efforts have been hampered by a lack of information that could tie together fraudulent activities that cross jurisdictional boundaries, Wallace says. The Consumer Sentinel database provides such information and also helps aggregate individual reports to help spot large fraud schemes. "Instead of a lot of $50 crimes, it's now one $50,000 crime," Wallace says.

Wallace says ITAC has experienced an increase in the number of ID-theft victims it has helped in recent months as more companies have joined the consortium.

Comment  | 
Print  | 
More Insights
The Agile Archive
The Agile Archive
When it comes to managing data, donít look at backup and archiving systems as burdens and cost centers. A well-designed archive can enhance data protection and restores, ease search and e-discovery efforts, and save money by intelligently moving data from expensive primary storage systems.
Register for InformationWeek Newsletters
White Papers
Current Issue
InformationWeek Elite 100 - 2014
Our InformationWeek Elite 100 issue -- our 26th ranking of technology innovators -- shines a spotlight on businesses that are succeeding because of their digital strategies. We take a close at look at the top five companies in this year's ranking and the eight winners of our Business Innovation awards, and offer 20 great ideas that you can use in your company. We also provide a ranked list of our Elite 100 innovators.
Video
Slideshows
Twitter Feed
Audio Interviews
Archived Audio Interviews
GE is a leader in combining connected devices and advanced analytics in pursuit of practical goals like less downtime, lower operating costs, and higher throughput. At GIO Power & Water, CIO Jim Fowler is part of the team exploring how to apply these techniques to some of the world's essential infrastructure, from power plants to water treatment systems. Join us, and bring your questions, as we talk about what's ahead.