Rep. Harris Presents Remarks to Financial Services Committee on Data Security and Identity Theft Presses for additional action to combat a growing cri
Rep. Harris Presents Remarks to Financial Services Committee on Data Security and Identity Theft Presses for additional action to combat a growing crisis
Washington, D.C., May 4 - Mr. Chairman, thank you for calling this hearing today on the critical issue of data security - a matter which impacts each of us in the increasingly digitized world of banking and finance.
Recent large-scale thefts of personal information have vividly demonstrated the challenges that data security poses for our financial system. Despite enhanced security measures, identity theft remains a growing problem for our nation, costing consumers and businesses $55 billion per year.
Identity theft exacts an enormous toll upon its victims, who confront unauthorized credit card charges and withdrawals from bank accounts as well as destroyed credit records. Many of these families and individuals subsequently encounter problems buying a car or a home - and they struggle for countless hours trying to correct this problem at their own expense.
Identity thieves steal Social Security numbers and other personal information through a variety of methods. Some thieves are skilled computer hackers, while others are experts only at sifting through trash cans to find discarded information. Regardless of how they commit their crimes, we must find the means to stop them.
I was proud to be an original co-sponsor of HR 2262, the Fair Credit Reporting Act. This legislation enacted a multitude of reforms, which improved prevention techniques and enhanced protection for victims. Nevertheless, this disease continues to mutate, as cyber criminals discover new and more sophisticated tactics - such as "phishing," which tricks individuals into providing sensitive details in response to an e-mail disguised as an "urgent" message from their bank.
Congress has a duty to continue fighting this threat, which impacts the financial security of millions of Americans every year. I look forward to hearing what ideas our distinguished witnesses might have regarding prevention and the additional reforms in our financial system that would empower citizens to protect themselves, while providing victims with every resource necessary to repair their credit rating.
Thank you.
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