Latest Debt News
Firms need to do more to protect consumer identity
24/04/2008 09:46:00
The Financial Services Authority (FSA) has called for firms to do more to protect the personal details of their customers.
Following a review of an array of firms, which included banks, building societies and insurance companies, the FSA said many businesses still underestimate the threat posed by data loss.
Consumers' personal details can be exposed to criminals which could lead to identity fraud and debt said the body.
Speaking at the FSA's annual conference on financial crime, Philip Robinson, director of its Financial Crime and Intelligence Division, said it was worried that many firms are still not taking this risk seriously, despite increased public awareness.
"Customers have a right to be confident that firms are doing everything reasonably possible to keep their personal and financial details safe," he said.
Many firms are not proactively checking that third party suppliers vet their employees or have adequate security arrangements in place to prevent unnecessary access to customer data.
Meanwhile, an investigation by the BBC suggests that internet credit card fraud is higher than official figures suggest.
© Adfero Ltd