Industry News

Consumer data access: Is more less?

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

In a rush to protect personal accounts from intrusion by thieves bent on taking their money and ruining their credit standings, consumers are now moving toward a new fix called "security freezes." With financial fraud wreaking anywhere from $5 billion to $60 billion in damages on the economy last year – depending on whom you ask – citizens are pushing legislators and business providers to defend them. In response, said Julie Brill, assistant attorney general for the State of Vermont, "there is a lot of (legislative) action behind security freezes," which is the ability of a consumer to freeze his/her credit report so that no one can look at it unless authorized by the consumer, she explains. Brill, who has been Vermont's assistant attorney general for 18 years, said this remedy "is thought to be a very effective mechanism for insuring that the consumer will not become a victim of identity theft, or if they are victimized, then it will not spread." Late last year, the Id...