The U.S. Department of Justice estimates 7 percent of U.S. households are the victims of identity theft each year and 8.6 million individuals are victims. Loss estimates range from $13 billion annually and up. Identity theft is described as one of the fastest-growing types of crime.
Each firm that has transaction accounts of clients needs to have an effective training program in place for staff members. If an outside service provider is hired to make sure the firm meets the new regulations, the firm must maintain oversight so that the firm is still legally responsible for compliance with the rules.
“You cannot take things for granted,” Salazar says. “Think about the ways someone could access your clients’ accounts and then write a plan to be on the lookout for identity theft.”