Abstract
Identity theft is on the rise, evidenced by the increased complaints of such incidences reported to the Federal Trade Commission in 2004. One estimate is that 10 million customers are victims of identity theft each year. In fact, it is difficult to avoid news on public disclosure of security breaches to corporate databases that companies made in 2005. A typical example was the backup computer tape containing personal data for 3.9 million customers that was lost by the world’s largest financial services company in transit by courier to a credit reporting bureau. Consumers are clearly alarmed and some are switching banks or changing their online behavior in order to protect their identity. As a result, there is increased pressure on organizations to improve data security and therefore provide customers with some assurance that their personal information will not be misappropriated.
This paper discusses identity theft and the risk to consumers as well as current efforts by federal and state governments to protect the privacy of their constituents. It offers steps that could be taken by organizations to protect their most critical asset - customer information — against identity theft.
Keywords:
Additional information
Notes on contributors
Raymond J. Elson
Raymond J Elson, DBA, CPA is an assistant professor of accounting at I/aldosta State University in Valdosta, Georgia. Dr Elson also has over 18 years of professional experience in external and internal auditing with such firms as AX4 Financial and Coopers and Lybrand. Dr Elson currently teaches courses in nonprofit accounting and auditing. His primary research interests are in nonprofit accounting and internal controls with a focus on security and privacy issues.
Rey LeClerc
Rey LeClerc, an executive with over 20 years experience in building global and enterprise-wide security in@astructures, is Director of Technology Risk Management at Investors Bank and Trust. Prior to joining IBT, LeClerc was the Chief Information Security OSJicer at Case Western Reserve University He developed security policies, standards, guidelines and enforcement procedures to support information security in compliance with federal and global regulation and standards. In addition to other prominent roles in the information security industry, LeClerc was also the vice president of global information security at DoubleClick, vice president of information security at Lehman Brothers, and director of information security for NBC Universal, all located in New York City. Originally porn Puerto Rico, LeClerc holds a Ph. D. in information systems @om Nova Southeastern University, master’s degree Pom New York University and Xavier University, and a bachelor’s degree in international affairs fiom Xavier University.