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Protecting Your Customers from Identity Theft

Question: 
What are some simple ways financial institutions can protect their customers from identity theft?
Answer: 
  • Adhering to privacy policies and establishing a robust authentication method to open new accounts. Translated means two forms of easily replicated ID are insufficient and data bases that reflect a potentially fraudulent ID holder is equally insufficient.
  • Shredding all customer personal information or sponsoring a community shred day.
  • Employing anti-phishing solutions to ensure Web sites set up to steal pins and passwords aren't emplaced.
  • Limiting employee access to customers' sensitive information.
  • Monitoring accounts for suspicious activity that doesn't fit the normal customer pattern.
  • Educating, training and empowering your employees to take action when they suspect fraud.

First published on 09/15/2008

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