Banks Urged to Report Cases of Identity Theft

The Federal Deposit Insurance Corp. on Friday urged banks to report incidents of identity theft to the proper authorities and help victims restore their financial integrity.

In a letter to chief executives Supervision Director James L. Sexton said banks should "immediately" file a suspicious activity report and notify the FDIC and the Federal Trade Commission when someone steals, or attempts to steal, a customer's personal information for criminal purposes. Law enforcement authorities and state agencies that protect consumers should also be notified. -- Dean Anason

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER