Smith: The Carrot-and-Stick Approach - Federal Agencies Should Reward Companies That Ensure the Privacy of Consumer Data
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Overview: As evidenced by the Federal Trade Commissions (FTC) record-setting fine against Choice Point, the federal government is getting serious about holding businesses accountable for the protection of consumer information. In addition to the actions taken by FTC and other governing bodies, several members of Congress have introduced bills designed to protect consumers from identity theft and other types of fraud. Several of those bills seek to restrict or regulate the use of personally exclusive information such as credit card numbers, customer records and Social Security numbers.