Volume III

Issue : 6: March 24, 2005

• French Court of Appeal Rules on Downloading
• U.S. Banks May Have to Warn Customers of Suspected Identity Theft
• Ongoing U.S. State-Federal Dispute over Internet Gambling
• French News Service Sues Google
• Michigan Court of Appeals Finds Union Owes Duty to Protect Employees from Identity Theft
• Google Loses Appeal in French Trademark Case
• Maine Court Rules on Identifying Anonymous Internet Users

Home > Volume III > Issue 6: March 24, 2005 > U.S. Banks May Have to Warn Customers of Suspected Identity Theft

U.S. Banks May Have to Warn Customers of Suspected Identity Theft

According to recent news reports, the Federal Deposit Insurance Corporation (FDIC) has voted in favour of requiring banks to warn customers of suspected cases of identity theft. There have been a number of recent reports of the theft of personal data affecting hundreds of thousands of consumers. The new rule has to be approved by the Federal Reserve Board. The new rule would require banks to tell customers when they find out that sensitive customer information has been accessed and there is a reasonable possibility it has been misused. The notice will have to describe the incident and the measures taken to protect customers, as well as providing phone numbers for further information. The type of information covered by the new rule is sensitive customer information which is defined as a customer's name, address or phone number, in conjunction with social security or driver's license numbers, account, credit or debit card numbers, or an identification number that permits access to an account.

For additional information, visit:

http://www.reuters.com/newsArticle.jhtml;?storyID=7948563