Protecting Customers from ID Theft: Bridging Industry Sectors

As both a nonprofit coalition of financial services companies united in protecting our customers from identity theft, as well as a provider of cutting-edge identity recovery services, it is obvious that we care about helping consumers recover from identity theft.

Why did the financial services industry spend $2 million to create ITAC’s victim assistance service? Because identity theft is a terrible experience that can corrode trusted relationships. In addition to ensuring that customers regain their financial standing and good name after becoming a victim, it is vital for businesses to maintain the trust of their customers

ITAC’s victim assistance service cuts recovery time and calms the anxiety of identity theft. An ITAC agent walks the consumer through his or her credit report to find suspicious activity. Then, ITAC notifies each company where fraud may have occurred.

And, the reality is that everyone, not just financial services companies that should be thinking about preserving “trust” with their customers.

Virtually every industry (and government agency) uses sensitive personal information of customers and employees. If the emerging privacy model is responsible use – businesses may collect and use personal information provided they do so responsibly – isn’t helping the consumer recover from the misuse of personal information key to responsible use?

The ITAC model works for the financial services sector. Can it work for others, including telecommunications, retail and transportation? We want to hear from other industry leaders about building and maintaining public trust.