ID Theft: Protecting the Customer - Protecting the Institution
Identity Theft: Protecting the Customer - Protecting the Institution
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.
Celents report discusses identity theft's impact on financial services, strategic measures to counteract the fraud, and solution providers.
A is available online.In addition, a complimentary copy of Eternal Vigilance is the Price of Liberty: A Consumers Guide to Preventing Identity Theft is available online.
of Celent Communications' Retail Banking, Retail Securities & Investments and Life/Health Insurance research services can download the report electronically by clicking on the icon to the left.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
|Boston, MA, USA July 31, 2002
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