FTC Acts to Reduce Role of SSNs in Identity Theft
Thursday, December 18th, 2008The Federal Trade Commission (FTC) released a report that recommends five measures to help prevent Social Security numbers from being used for identity theft.
The FTC urged Congress to take action to strengthen the procedures that private-sector organizations use to authenticate their customers’ identities. “Identity theft continues to be a major problem in this country, with victims numbering in the millions each year and out-of-pocket losses (primarily to businesses) in the billions of dollars,†according to the report.
The FTC report states that adopting nationwide standards for how businesses and other organizations verify the identity of new and existing customers would make it harder for thieves to use SSNs to commit identity theft.
“The first step in minimizing the role of SSNs in identity theft is to limit the demand for SSNs by making it more difficult for thieves to use them to open new accounts, access existing accounts, or obtain other benefits or services,†the FTC states in the report.
The FTC report also recommends that steps be taken to reduce the unnecessary display and transmission of SSNs.




