Banks must do more to prevent ID theft, says regulator
Financial services firms have been urged to tighten up their security practices after a report uncovered a lax attitude to preventing identity theft. A survey of security at 39 firms conducted by the Financial Services Authority (FSA) found that around half provided no training for staff over preventing the theft of customers' details. In response, the FSA has called for banks and building societies to stop underestimating the threat of such security breaches. Philip Robinson, director of financial crime and intelligence at the FSA, told BBC Online: "Despite increased public awareness of the impact that identity theft can have on customers, many firms are still not taking this risk seriously."The report also showed that the FSA is taking an increasingly hard line on companies who do not take sufficient precautions to guard against identity theft. Last year, 56 firms were investigated by the FSA in relation to the loss of customers' details.
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