Financial Services Model Can Work In Other Industries and In Government, Identity Theft Assistance Center Tells House Subcommittee

The Identity Theft Assistance Center model, which has helped tens of thousands of financial services customers recover from identity theft, can work in other industry sectors and in the federal government, ITAC President Anne Wallace testified yesterday before the U.S. House of Representatives Subcommittee on Information Policy, Census and National Archives.

The Financial Services Roundtable launched ITAC five years ago based on industry best practices including a single point of contact to help identity theft victims resolve their case. Recent surveys show identity theft is rising, in part due to the growing sophistication of criminals and economic pressures.

“Despite progress, there is still much more to be done,” Wallace testified. “Most industries and government agencies lack processes for helping victims restore their identity. Consumers continue to be frustrated when they file a police report. Gaps in resources and training still limit the investigation and prosecution of many identity crimes. Consumer education efforts are challenged by rapid changes in criminal techniques and technology.”

Wallace also told subcommittee members ITAC supports evaluating existing laws and regulations aimed at preventing fraud and helping victims in order to determine their effectiveness.