Close
  • Latest News
  • Artificial Intelligence
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
Read Down
Sign in
Close
Welcome!Log into your account
Forgot your password?
Read Down
Password recovery
Recover your password
Close
Search
Logo
Logo
  • Latest News
  • Artificial Intelligence
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
More
    Home Latest News

      Financial Institutions to Share Identity-Theft Data

      By
      Karen Schwartz
      -
      July 6, 2005
      Share
      Facebook
      Twitter
      Linkedin

        Due in large part to the rash of identity-theft cases involving financial powerhouses such as Bank of America, Ameritrade and ChoicePoint, the financial industry has banded together to provide shared data on all cases of identity theft to the Federal Trade Commission.

        The data will be forwarded weekly on an encrypted disk to the FTCs Consumer Sentinel database, which contains more than one million consumer fraud complaints that have been filed with federal, state and local law enforcement agencies and private organizations.

        FTC leadership seems eager to receive the information. Centralizing identity-theft complaints will significantly help law enforcement agencies at all levels of government catch thieves and support prosecutions, Lois Greisman, associate director of the FTCs Division of Planning and Information, said in a news release from ITAC (the Identity Theft Assistance Center).

        Although the FTC is eager to gain more information on verified cases of identity theft, it was ITAC, a nonprofit group representing 100 of the largest integrated financial services companies, that initiated the process.

        “Our members really wanted to find ways to work with law enforcement more effectively. In fact, it was part of the reason ITAC was formed,” said Anne Wallace, executive director of the Washington, D.C.-based organization.

        Read more

        here

        about the security breach that exposed about 40 million credit cards of all brands to potential fraud.

        To ensure that its goals would be achieved, ITAC has been working with the FTC for about two years. The timing of this weeks announcement is tied to the signing of a data-sharing agreement reached last week between ITAC and the FTC, Wallace said.

        Wallace said that although many individual banks already share data with fraud departments, there hasnt been any way until now to pool information from a variety of institutions and share it on a collective basis.

        Sharing fraud data with law enforcement is the second of ITACs three goals. The first goal of the organization, founded in early 2004, was to create a victim-assistance center, which became operational in August 2004.

        The third objective, Wallace said, is to use the collected data to provide more information to the financial services industry about how to prevent fraud and identity theft, how to help victims, and what more can be done to prevent it.

        In other financial technology news, IBM of Armonk, N.Y., has partnered with Identrus LLC, a New York-based company founded by a host of financial institutions including Bank of America, Barclays, Chase Manhattan and Citigroup, to promote banks use of digital certificates.

        Under the terms of the partnership, the IBM eServer zSeries operating system will offer built-in digital certificates to conduct e-business transactions. The goal, according to Jim Porell, an engineer for IBM eServer zSeries, is to provide strong authentication and better security for e-business transactions in an effort to stem the tide of electronic identity theft and fraud.

        Karen Schwartz
        Get the Free Newsletter!
        Subscribe to Daily Tech Insider for top news, trends & analysis
        This email address is invalid.
        Get the Free Newsletter!
        Subscribe to Daily Tech Insider for top news, trends & analysis
        This email address is invalid.

        MOST POPULAR ARTICLES

        Latest News

        Zeus Kerravala on Networking: Multicloud, 5G, and...

        James Maguire - December 16, 2022 0
        I spoke with Zeus Kerravala, industry analyst at ZK Research, about the rapid changes in enterprise networking, as tech advances and digital transformation prompt...
        Read more
        Applications

        Datadog President Amit Agarwal on Trends in...

        James Maguire - November 11, 2022 0
        I spoke with Amit Agarwal, President of Datadog, about infrastructure observability, from current trends to key challenges to the future of this rapidly growing...
        Read more
        IT Management

        Intuit’s Nhung Ho on AI for the...

        James Maguire - May 13, 2022 0
        I spoke with Nhung Ho, Vice President of AI at Intuit, about adoption of AI in the small and medium-sized business market, and how...
        Read more
        Applications

        Kyndryl’s Nicolas Sekkaki on Handling AI and...

        James Maguire - November 9, 2022 0
        I spoke with Nicolas Sekkaki, Group Practice Leader for Applications, Data and AI at Kyndryl, about how companies can boost both their AI and...
        Read more
        Cloud

        IGEL CEO Jed Ayres on Edge and...

        James Maguire - June 14, 2022 0
        I spoke with Jed Ayres, CEO of IGEL, about the endpoint sector, and an open source OS for the cloud; we also spoke about...
        Read more
        Logo

        eWeek has the latest technology news and analysis, buying guides, and product reviews for IT professionals and technology buyers. The site’s focus is on innovative solutions and covering in-depth technical content. eWeek stays on the cutting edge of technology news and IT trends through interviews and expert analysis. Gain insight from top innovators and thought leaders in the fields of IT, business, enterprise software, startups, and more.

        Facebook
        Linkedin
        RSS
        Twitter
        Youtube

        Advertisers

        Advertise with TechnologyAdvice on eWeek and our other IT-focused platforms.

        Advertise with Us

        Menu

        • About eWeek
        • Subscribe to our Newsletter
        • Latest News

        Our Brands

        • Privacy Policy
        • Terms
        • About
        • Contact
        • Advertise
        • Sitemap
        • California – Do Not Sell My Information

        Property of TechnologyAdvice.
        © 2022 TechnologyAdvice. All Rights Reserved

        Advertiser Disclosure: Some of the products that appear on this site are from companies from which TechnologyAdvice receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TechnologyAdvice does not include all companies or all types of products available in the marketplace.

        ×