The Financial Services Roundtable took a major step this week to help victims of identity theft/fraud recover their financial identities and restore their credit ratings. A pilot program, scheduled to launch in May 2004, will allow victims of identity theft/fraud to alert banks, credit card companies and law enforcement agencies with just one phone call.
“Identity theft is the fastest growing type of white-collar crime, and one that currently places too high a burden on our customers both in terms of lost financial identity and the time it can take to restore their good names," said Steve Bartlett, President and CEO of The Financial Services Roundtable. "With ITAC, victims will only have to report the crime once, saving them from having to spend hours retelling their story to multiple departments in multiple companies," Bartlett continued.
A recent Federal Trade Commission (FTC) survey found nearly 10 million Americans have had money stolen from their bank accounts or said that credit cards or other documents were falsely registered under their names. The FTC also estimates that identity theft costs consumers and businesses $53 billion last year.
Dozens of companies will be participating in the program, including credit-card giants like Bank One, Citigroup and MBNA. The pilot program is scheduled to begin in May 2004, with Wells Fargo & Co.
Visit The Financial Services Roundtable Web Site for additional information.