| The 41st Parameter Certifies Product Compliance to Address New ID Theft Regulatory Guidance for U.S. and Global Banks
The 41st Parameter today confirmed its industry leading fraud prevention solution, FraudNet, has proven effective in addressing recent ID Theft regulatory guidance (http://www.occ.gov/ftp/release/2007-122.htm). This guidance directs financial service providers to develop a program for detecting, preventing, and mitigating identity theft. In summary, a Financial Services organization must: The 41st Parameter's FraudNet solution is an established platform, which directly addresses these requirements. FraudNet is currently implemented at several of the world's top tier banks and credit card companies, effectively identifying and combating online ID theft for both new and existing accounts. One critical area where the new ID Theft compliance may be challenging is online instant account opening, where fraudsters can leverage compromised identities and avoid setting off traditional red-flags.
Government bill attacks identity theft
OTTAWA - The federal government took a landmark step Wednesday toward battling the explosion of identity theft by introducing legislation making it illegal to collect personal documents belonging to others in order to commit fraud. "Every day the issue of identity theft affects or threatens more Canadian families and businesses," Justice Minister Rob Nicholson told a news conference Wednesday. "Identity theft is costly to banks, to retailers and consumers alike." Under the new bill, part of the government's toughened fall law-and-order agenda, it will become a crime in Canada to obtain, possess or traffic another person's passport, credit cards, drivers licences or other identity documents for the purpose of committing fraud. The legislation is meant to close a gap in the Criminal Code.
Clarification: FTC Identity Theft Story
In a Nov. 30 story, The Associated Press reported that the Federal Trade Commission estimated consumer fraud and identity theft cost Americans $1.2 billion in 2006. The figure came from the annual report of consumer complaints to the FTC, released Feb. 7, rather than the Nov. 29 FTC report analyzing FTC telephone surveys of consumers. .
Indians wake up to identity thefts, still reluctant to react
As the cyber world unveils websites that let you live a 'second life', fake identities and identity thefts are fast emerging a menace giving spurt to hate mails and even serious crimes. Identity theft remains unrecognised by many Indians, but many may already be becoming targets even without realising it, experts say. One of the fastest growing crimes in the developed nations like United States, it is spreading in developing economies too. According to a website that monitors cyber crimes, in 2006, identity theft complaints made up thirty seven per cent (37 per cent) of all fraud complaints. With extensive use of social networking sites in India, the young population chatting for hours, however is unaware of the risks involved. Sharing personal information on social networking sites like Orkut, Tagged, hi5, etc.
SupportSoft Helps Protect TalkTalk Customers Against Wireless Fraud
Households with unsecured wireless Internet make up around half of total wireless broadband users in the UK(1). Those without proper security on their network are vulnerable not only to piggy-backing, but to hackers who can access bank details, passwords and personal information. Consequences of these actions include identity theft as well as unauthorised spending on credit and debit cards. SupportSoft's SmartAccess(TM) software is rescuing wireless Internet users by automatically setting up their home security configurations, thereby minimising their exposure to fraud. .
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