Identity Theft Prevention

GuidanceFederal Deposit Insurance Corporation (FDIC)Identity Theft

On May 22, 2006, the U.S. Department of Veteran Affairs (VA) published a notice that electronic data on approximately 26.5 million veterans and some spouses may have been compromised. The VA is working with law enforcement, Congress, the media, veteran services, and other government agencies to ensure that veterans and their families are protected against potential misuse of that data. Please refer to the VA Web site at www.va.gov for additional information on this security incident. While no specific fraud related to the VA incident has been detected, the growing trend of data breaches occurring in both the private and public sectors raises concerns that personal information may be used to commit identity theft.

The FDIC, as a member of the President's Identity Theft Task Force, urges financial institutions to be vigilant against the misuse of personal information for both new and existing customers. Additionally, financial institutions have an obligation to verify the identity of persons seeking to open new accounts and to safeguard customer information against unauthorized access or use.

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