FDIC to release ID theft guidance for banks

Financial Crime

With its report, Putting an end to account-hijacking identity theft, the FDIC also requested public comment on the study that it hopes to use to formulate the guidance. Account hijacking is unauthorised access to and misuse of existing asset accounts primarily through phishing and hacking.

The study estimates that almost two million US adult internet users experienced this fraud during the 12 months ending April 2004. Of those, 70% do their banking or pay their bills online, and over half

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