I went to a Fraud Committee meeting and the discussion geared towards Debit/Credit cards and their role in the new RF rules. Under the new rules your credit/debit card numbers and/or account number is listed on there along with a persons name, social, d.l. number, dob, ect.. Would that mean that if checks or a card were to be lost and misused that we should consider that to be Identity Theft? Should we then close those accounts and if so would we report those to CANS and file SAR's for Identity Theft? I mean people lose cards or claim "it wasn't me" and lose checks often but I don't consider that to be ID theft but under these rules it seems it may be? Thoughts?
Section __.90(b)(8) of the final rules adopts the definition of “identity theft” as proposed. The Agencies believe that it is important to ensure that all provisions of the FACT Act that address identity theft are interpreted in a consistent manner. Therefore, the final rule continues to define identity theft with reference to the FTC’s regulation, which as currently drafted provides that the term “identity theft” means “a fraud committed or attempted using the identifying information of another person withoutauthority.”19 The FTC defines the term “identifying information” to mean “any name or number that may be used, alone or in conjunction with any other information, to identify a specific person, including any—
(1) Name, social security number, date of birth, official State or government issued driver's license or identification number, alien registration number, government passport number, employer or taxpayer identification number;
(2) Unique biometric data, such as fingerprint, voice print, retina or iris image, or other unique physical representation;
(3) Unique electronic identification number, address, or routing code; or
(4) Telecommunication identifying information or access device (as defined in 18 U.S.C. 1029(e)).
Thus, under the FTC’s regulation, the creation of a fictitious identity using any single piece of information belonging to a real person falls within the definition of “identity theft” because such a fraud involves “using the identifying information of another person without authority.”20