Identity Theft And How To Prevent It

Imagine sitting in your living room, enjoying a cup of your favorite morning coffee, and you open your mail to discover that you recently opened a new bank account at XYZ Bank, unbeknownst to you. Or maybe you receive an email notification alerting you that there has been an attempt to update your home address on your credit card account, and you are certain you have not moved. These are two major red flags that you could be the victim of identity theft, and this can escalate quickly if not addressed.

The prevention of identity theft is not just the responsibility of the consumer. Financial Institutions (FIs) are also tasked with ensuring the accounts they open are done so legitimately. FIs are currently faced with spikes in identity fraud cases, ongoing challenges of identity verification, and having to protect consumers from criminal activity.