Industry News

FTC seeks cooperation in identity-theft fight

Businesses, credit reporting agencies vital to cause
Published on Sep 29, 2004

The Federal Trade Commission today said that newly implemented provisions of the Fair and Accurate Credit Transactions Act and cooperative efforts of the FTC, other law enforcement agencies and the private sector can help reduce identity theft and help victims recover. In testimony before the Subcommittee on Commerce, Trade, and Consumer Protection of the House Committee on Energy and Commerce, Commissioner Thomas B. Leary said a 2003 FTC survey of identity theft "demonstrates the need for a concerted effort between the public and private sectors to act aggressively to reduce identity theft." "Social Security numbers play a pivotal role in identity theft," the testimony states. "Preventing identity thieves from obtaining Social Security numbers will help to protect consumers from this pernicious crime." The testimony notes that Social Security numbers are used to match consumers to their credit histories and are a critical piece of information when consumers apply for such thi...

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