Compliance for Identity Theft Security Approaches for Banks
The deadline is approaching for banks to meet mandatory identity theft regulations. However, that may be problematic:
“Less than one-third of U.S. banks will be fully compliant with the U.S. government’s identity theft prevention rules by the Nov. 1 deadline, according to a new study.
With the deadline looming, research by Needham, Mass.-based TowerGroup found that many U.S. financial services institutions have mistakenly considered compliance with the “Red Flags Rules,” as they are known, as merely an administrative exercise.”
link: Study: Most U.S. banks not yet compliant with identity theft rules
These security issues are not new. Identity theft, security and data breach problems are daily news items. For financial institution not to have this as one of their security priorities is unfathomable. One would think that these regulatory considerations would speak to their own self interests.
Catherine Forsythe
Tags: banks, compliance, data breach, deadline, identity theft, regulations, security
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September 11th, 2008 at 6:28 pm
I feel that it is imperative for banks and other financial institutions to be held to some sort of identity theft prevention standards and I am glad to see such regulations implemented. However, I do find it ironic that the U.S. is regulating financial institutions to a set of security standards when it’s the U.S. government that is guilty of the most identity leaks. Regardless, it is a good start to safeguarding the community.