Identity theft is a problem that is top of mind for many bankers and an obvious worry for customers. But is there more that banks can do to fight identity fraud? Seven panelists joined ABA Banking Journal and LifeLock Business Solutions at a roundtable to discuss trends in identity theft and banks’ role in fighting fraud.
Some of the banks on the panel offer identity theft protection and have found it is a way to deepen customer relationships. Some charge for the service, others provide it for free. Offering identity theft protection has regulatory and operational challenges, and the panelists—one of whom was a compliance consultant—discussed how to comply with regulatory pronouncements surrounding outsourcing services to third-party providers.
The good news, say the bankers, is that customers appreciate that their bank is looking out for their best interests by offering products that can help keep them from harm.
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