The Other Victims of ID Fraud.

From: Bank Technology News | Date: March 1, 2004| Author: | Copyright information

ID fraud is becoming more than just a nagging headache for consumers, 27.3 million of whom the Federal Trade Commission says have been victims in the last five years. Now the problem is morphing into a throbbing migraine for financial services firms charged with twin challenges of increased responsibility to protect consumers and greater pressure to defend their own bottom line.

ID theft costs U.S. lenders more than $1 billion annually, says TowerGroup analyst Christine Pratt, who notes that figure doesn't count sums lost to fraudsters who create IDs and rip off funds through ...

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