In that same issue, Consumer Reports cited poor fraud detection services in financial services companies as one of the reasons why identity theft has skyrocketed. DPPS is a business unit of Deluxe Corporation that provides products and services to help retailers and financial services companies prevent and minimize losses associated with account fraud and abuse. Even President Clinton has taken on the issue, recently signing into law the Identity Theft Protection Act of 1998 which makes identity theft a federal crime, providing mandatory restitution for victims. The new law authorizes the Federal Trade Commission to maintain a national database of identity theft reports, provide information to victims, and refer complaints to consumer reporting agencies. Deluxe is working with the financial services industry and consumers to help protect consumers' identities and provide education about privacy safeguards.
Consumers can reduce the risk of identity theft by following common sense guidelines.
Safeguard your checkbook and supply of checks. Don't put paid bills with checks inside your mailbox for postal pickup. Guard your identity. Keep bank account number, PIN numbers, Social Security Numbers out of your pocketbook and wallet. 4. Shred financial documents such as old bank statements or credit offers that contain account numbers or account information.