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Can you summarize Financial Institution Letters - 1999 > Identity Theft?
Financial Institution Letters - 1999 > Identity Theft
Short Summary
This document discusses the Identity Theft and Assumption Deterrence Act of 1998, which addresses the problem of identity theft and the misuse of personal identifying information for criminal purposes. The Act criminalizes fraud in connection with the unlawful theft and misuse of personal identifying information, regardless of whether the information appears or is used in documents. It also toughens the penalty provisions for such offenses. The Act establishes an offense for knowingly transferring or using another person’s means of identification without lawful authority with the intent to commit unlawful activity. The Act expands the definition of ‘means of identification’ to include various personal information such as name, Social Security number, date of birth, driver’s license, biometric data, and electronic identification numbers. The document provides guidelines for financial institutions to follow if they suspect identity theft and recommends filing a Suspicious Activity Report (SAR) and contacting the appropriate authorities. It also directs individuals who have been victims of identity theft to contact the Federal Trade Commission (FTC) for assistance and provides information on state and local law enforcement agencies that can investigate identity theft cases.
Whom does it apply to?
Financial institutions, banks, and individuals who suspect identity theft
What does it govern?
Identity theft and the prevention of fraudulent use of personal identifying information
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Violations are generally subject to a fine and/or imprisonment of up to 15 years.
Jurisdiction
U.S. Federal Government