22 September 2003

Report: Lenders miss most ID theft

Report: Lenders miss most ID theft : "To banks, cell phone firms, it just looks like unpaid bills

By Bob Sullivan

ID theft has grown so far, so fast, because financial institutions and other lenders have missed it. A massive study of 200 million new credit card, checking account and cell phone accounts opened during 2001 with participants like Citibank, Dell, Bank of America, and T-mobile shows that 7 out of 8 identity thefts are mis-categorized as simple credit losses by lenders."

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