Issue Position: Financial Services - Protecting Consumers From Identity Theft

Issue Position

Issue Position: Financial Services - Protecting Consumers From Identity Theft

I have supported efforts to protect consumers from identity theft by stiffening criminal penalties for those convicted, increasing access to consumer credit reports and credit monitoring services. I am also currently working on legislation to strengthen personal data security requirements for financial institutions that hold sensitive information about customers.

I supported the Fair and Accurate Credit Transactions (FACT) Act to establish a national system of fraud detection to catch identity thieves before they run up charges on consumer credit. In addition, the FACT Act makes it possible for consumers to gain access to a free credit report annually, and allows consumers to notify all three credit bureaus through just one call to a bureau of their choosing.

In 2004, I voted for the Identity Theft Penalty Enhancement Act to stiffen criminal penalties for identity theft. In addition, the bill established the notion of "aggravated identity theft" which can be charged anytime someone knowingly uses another person's identification in conjunction with any other felony violation. It instantly adds two years onto a prison sentence.

Financial institutions and other businesses that hold personal information about their customers should be responsible for establishing high standards for securing that information. I supported two bills that would set uniform standards for securitizing personal data, safeguard against data breaches when such information is transferred, and require immediate and comprehensive notification to customers in the situation in which the security of personal data may have been compromised.

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