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Banks Form ID Theft Assistance Group
The Financial Services Roundtable and BITS, an organization formed in 1996 to foster the development of electronic financial services, have formed the Identity Theft Assistance Corporation (ITAC), a non-profit consortium that will provide free services to the victims of identity theft.
ITAC, whose founding members include 50 of the nation's financial institutions, will be operational in the second quarter of 2004. Wells Fargo & Company is testing the program with the other founding members' support.
Although it is still in pilot phase, BANKERS' HOTLINE talked to Cheryl Charles, senior director of BITS, about how the system will work. She said customers who think they are victims can contact their financial institutions. After the problem is solved at that particular financial institution, the organization (with the permission of the victim) can contact ITAC for additional help. ITAC will then work with the victim to determine where else the person might be at risk, pulling credit reports from the reporting agencies and giving victims advice on what to do. ITAC will then work with law enforcement agencies to help track down criminals and will put the results in a database that will then be available to members and law enforcement. Charles says the pilot will be operational by the second quarter of 2004, then founding members will phase in the program.
For information on ITAC, go to www.bitsinfo.org.
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