Security: Preventing ID Theft

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Give staff more than a policy and some guidelines. These amount to nothing more than good advice. To really make the system work, give staff some tangibles to work with. A list of examples of fraudulent calls or identity theft techniques will help staff to recognize identity theft when it is happening.

Also explain to customers why the bank is taking such care. A real customer should appreciate the fact that you are protecting them and their interests, even if it takes a while. A thief, on the other hand, counts on speed so you don't have time to catch them. Give telephone staff a list of questions to ask that can be used to verify that the customer is really your customer. Such as, where was your last out of town transaction? Or what is your average number of transactions per month? Or when did you open this account? Think of things that a customer would know or be able to tell you but where a thief would have to make a wild guess.

Copyright © 2001 Compliance Action. Originally appeared in Compliance Action, Vol. 6, No. 5, 5/01