Question

The negative impacts of identity theft. Many people have become victims of identity theft. Banks and credit card companies may pay for the financial losses that individuals may incur. However, victims may go through emotional stress before they are paid by their banks. It's also time consuming because they have to dispute their financial loss with the banks and credit card companies by completing paper work. can you please explain how the identity theft can be stopped by banks and credit companies?

Answer 1

Identity theft can be stopped by credit card companies and the banks as follows-

A. Credit card companies and banking companies should be switching to digital statement in order to protect the clients from threat of Mail theft.

B. Banking companies and credit card companies can even try to invest in a quality shredder that will be costing lower and protecting the banks against heavy losses.

C. Banking companies and credit card companies can also focus on building a secured filing system so that data cannot be hacked into

D. Adaptation of the best security practices by these credit card and banking organisation in which there is incorporation of strong firewalls and secured virtual private access.

E. Monitoring of the business credit card report will also be helping these businesses like banking and credit card companies to have a check upon the credit.

F. Using of strong and secured password and frequently managing it will be also helping the banks in order to maintain a secured system.

G. Well planned user data access will also be helping banks in order to have a better secured system at place.