Banks face pressure to take action against identity theft

Tuesday, 16 November 2004, 12:11 AM EST

Mounting concerns over stolen identities are prompting banks to review account-access policies and implement sophisticated fraud-detection systems. Banks have unleashed a panoply of technology against the problem, such as pattern-recognition software to flag suspicious transactions or new accounts. They're also requiring customers at times to verify online credit-card purchases with IDs and passwords, equipping customers with anti-spam software to thwart phishing, and setting up shared databases for reporting and exchanging information about ID crimes.

By Steven Marlin at InformationWeek.

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