Financial services companies might be unwitting contributors to the nation’s identity theft problem, according to a report from Forrester Research in Cambridge, Massachusetts. The Federal Trade Commission (FTC) estimates that identity theft costs American businesses US$50 billion to $60 billion a year. “Despite this clear threat to their business, firm efforts to fight these scams are anemic,” Forrester analyst Jonathan Penn wrote in a summary of the report obtained by TechNewsWorld.
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Financial Institutions Unwitting Accomplices of ID Thieves
Posted by: John P. Mello Jr. September 16, 2004 07:49 AMFinancial services companies might be unwitting contributors to the nation’s identity theft problem, according to a report from Forrester Research in Cambridge, Massachusetts. The Federal Trade Commission (FTC) estimates that identity theft costs American businesses US$50 billion to $60 billion a year. “Despite this clear threat to their business, firm efforts to fight these scams are anemic,” Forrester analyst Jonathan Penn wrote in a summary of the report obtained by TechNewsWorld.