ID Theft: Regulatory Agencies' Perspectives on Threats & Countermeasures

ID Theft: Regulatory Agencies' Perspectives on Threats & Countermeasures
More ID Theft Red Flags Survey Resources
Five federal banking regulatory agencies - FDIC, OCC, NCUA, OTS & FTC - outline best practices to fight identity theft
Regulatory expectations on identity theft mitigation and prevention
Gain insight on handling and reporting identity theft
Hear current and planned education efforts you can use to educate customers


The growing threat of identity theft is hitting financial institutions. Identity theft tops the Federal Trade Commission list of U.S. consumer complaints. The increasing number of data breaches is a major threat to privacy, consumers' identities and the nation's economic stability. Databases of sensitive personal information are prime targets of hackers, identity thieves and rogue employees as well as organized criminal operations. According to the Better Business Bureau identity theft affects an estimated 10 million U.S. victims per year.

What can financial institutions do to fight identity theft? Data protection regulations, both on a federal and state level require stringent compliance with and examination of banking institutions' ability to protect and safeguard sensitive personal information. The regulatory agencies for banks and credit unions, the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of The Currency (OCC), the Office of Thrift Supervision (OTS), and the National Credit Union Administration (NCUA) all have issued supervisory letters and guidance advising institutions how to best approach the Identity Theft problem. Other federal regulations and laws such as GLBA and the Identity Theft and Assumption Deterrence Act are meant to protect consumers from identity theft.

The President's Taskforce on Identity Theft issued 31 recommendations for both public and private entities, and law enforcement to fight the scourge of identity theft.

In this webinar attendees will hear from five federal regulatory agencies on what are some of the best practices financial institutions can implement and use to fight identity theft. The presenters will speak to what regulations financial institutions need to be compliant with to better protect customer data from identity theft, and will also discuss what regulators are expecting to find at your institution for data protection, employee awareness and customer education practices. They will also outline some of the possible changes that may arise if further legislative bills are passed in Congress and how best to prepare your institution to comply with them.

Presenting the FTC's portion of the webinar will be Betsy Broder, Assistant Deputy Director. The FTC's lead in the President's Taskforce on Identity Theft will be discussed, and the FTC will explain how financial institutions can use FTC's resources to better protect their customers from falling victim to identity theft scams.

The OCC's Amy Friend, Assistant Chief Counsel will lead the OCC's portion of the presentation. She will discuss the OCC's position on identity theft and the proposed rule on identity theft red flags. Friend will also cover principles for legislation, what's needed for further consumer awareness, and explain what specific task force recommendations will have direct bearing on financial institutions.

The NCUA's Roger Blake, a senior information security systems officer with NCUA's Division of Supervision will give the NCUA's best practices and regulatory expectations for credit unions to prevent identity theft.

The FDIC's Jeffrey Kopchik, a Senior Policy Analyst and the FDIC representative on the President's Task Force on Identity Theft will discuss the FDIC's recommendations on what institutions need to do to fight identity theft through best practice, risk mitigation efforts, regulatory compliance and education. He will also cover the current and planned efforts of the FDIC to help institutions be better prepared against identity theft.

The OTS's William Henley Director of IT Risk Management at the OTS will present on what examiners would expect to see in the institution's incident response plan on ID Theft of corporate or customer data.

The final portion of the webinar will include a live question and answer session with the presenters. This is where audience members will be able to ask direct questions about the identity theft task force recommendations and get first hand answers on regulatory compliance questions related to identity theft mitigation from federal regulators. Attendees will be able to ask questions prior to the session by emailing the question or may ask questions during the session.

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