Security & Risk Management Seminar

Identity Theft Prevention Techniques

Presentation Abstract

The institution's Security Program should focus upon the types of losses that may be caused by identity thefts and related crimes. Identity theft victims frequently turn to their financial institutions to help them resolve some of the issues associated with this crime. A person's face -- or other aspects of his/her appearance -- and his/her signature are the two most personal things about everyone. Victims report that the theft of either one -- their appearance or their signature -- is one of the most personally offensive crimes. Every financial institution must have a comprehensive Information Security Program in place that describes the measures that the institution takes to protect data -- and to investigate reports of misuse. This process logically requires the participation of every employee, insider and third-party service provider. Every institution should also develop and implement a training program for all of its customer-contact employees that provides employees with valuable conflict-resolution skills.

The primary purpose for learning about identity theft is to obtain the information necessary that allows and encourages staff and supervisory personnel to make intelligent and informed decisions about identifying any person. The crime of identity theft occurs when someone uses the identifying information of another person -- or related personal information -- to commit fraud or other illegal activities. The term "identity theft" is relatively new -- but imposters who use another person's identity to commit offenses have been practicing their schemes for decades. The difference now, however, is that federal and state laws -- and industry-standard security practices -- have been enacted and developed to address these special crimes. Financial institutions and their customers both suffer when someone steals the customer's identity:

l        The customer experiences a loss of money, reputation and a positive credit history; and

l        The institution experiences an increase in fraudulent new accounts, phony loans, thefts from safety deposit boxes and forgeries.

This presentation provides a logical and strategic model that's designed to help any institution employee understand the true scope of the processes used to create a new identity -- and where false identities may be used to commit financial institution frauds. By understanding the cause and effect relationships between the identity thief's strategy and the observable result, the Security Officer may use this model to design and implement a standardized, institution-wide identity theft prevention process.

Presentation Topics

l        Introduction

l        Identity Theft Regulations

l        The Crime Of Identity Theft

l        The Victims

l        Identity Thieves

l        Sources Of Information

l        Potential Solutions

l        Summary

l        Guidance On Identity Theft & Pretext Calling

l        FTC's ID Theft Affidavit

l        Summary

Presentation Objectives

This presentation is designed to help you:

l        Identify policies, procedures and training techniques that should be retained, modified or eliminated

l        Determine if the existing identity theft training program is appropriate and effective

l        Identify employee classifications that should receive different levels of training, including executives and board members

l        Make recommendations that will likely enhance the institution's ability to prevent the theft of both employees' and customers' identities -- and to help identify, apprehend and prosecute offenders

Presentation Audience

l        Security Officers

l        Board of Directors

l        Auditors

l        Human Resources Managers

l        Training Managers

l        Compliance Officers

l        Retail Operations Managers

l        Staff personnel

Presentation Tools

l        Workbook text

Last updated on February 25, 2008