March 26, 2007

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  NEWS: FTC Testifies About ID Theft

  Two days ago, the Federal Trade Commission (FTC) testified in front of the Senate Judiciary Committee Subcommittee on Terrorism, Technology, and Homeland Security about the impact of identity theft in America, and the pressing need to reduce it. The FTC is pushing both the government and the private sector to reduce opportunities for would-be ID thieves to gain access to consumers' personal information, and to minimize the ways that they can use it, if it does indeed fall into their hands.
  
  The FTC is focusing on the facts that, not only is it too easy for thieves to access social securities numbers in general, but that there has not been enough punitive action taken against businesses who act carelessly in protecting consumers' personal information. Towards the former end, the FTC has participated in an Identity Theft Task Force established by the President. The task force seeks to combat identity theft on a national level, but its current top priority is the issue of access to social security numbers. The FTC is aware that the topic skirts a fine line, because there is a true need for businesses to be able to access social security numbers as a mean of matching consumer identities. On the other hand, misuse of the numbers is at the cornerstone of almost all identity theft. Hence, the FTC is pushing the Senate to develop new initiatives to address the issue and come up with appropriate legislation along those lines.
  
  The measures to prevent and combat identity theft are about much more than just the public good. Identity theft has an economic impact as well. A recent survey conducted by the Wall Street Journal and Harris Interactive found that 30 percent of consumers were curtailing their online spending, and that 24 percent refused to use online banking as a result of fears about their identities being stolen.
  
  
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