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  5. Identity Theft: Protecting the Customer - Protecting the Institution

Identity Theft: Protecting the Customer - Protecting the Institution

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2002/07/30

Abstract

In its latest report, Celent Communications addresses the fastest growing white-collar crime in America and what financial institutions can do to prevent it.

Identity theft is the fastest growing white-collar crime in the United States. The primary result of the crime is payment fraud, which costs financial institutions billions of dollars a year. In 2002, the costs of identity theft are expected to reach US$1.4 billion.

September 11th proved that identity theft is not only a threat to our wallets, but a national threat as well.

The attention presently paid to identity theft on Capitol Hill will ultimately have ripple effects throughout the financial services industry. Two years ago, the Identity Theft and Assumption Deterrence Act of 1998 established identity theft as its own crime with penalties. Today, regulators are addressing identity theft's impact on the nation, and the role of the financial services industry in preventing it.

“Especially after September 11th, consumers have become increasingly aware of identity theft and its impact,” said Ariana-Michele Moore, author of the report. “The level of concern in this country is indeed accelerating and both consumers and regulators are beginning to look to the financial services industry to thwart the crime and its consequences.”

Celent’s report discusses identity theft's impact on financial services, strategic measures to counteract the fraud, and solution providers.

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