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 the banking and the credit companies by adoptation of these measures-

A. Establishment of digital security best practices like adaptation of virtual private access and secured firewall access so that that datas of clients can be protected and it will be helping in reducing the Identity theft.

B. Switching to digital statement will also reduce the threat of data theft from mail and it will be helpful in reducing The Identity theft.

C. Establishment of secured filing system will also reduce identity theft to a large extent for these banking and credit companies.

D. Establishment in quality shredder are also helping these banking and credit companies to a large extent because these will be cutting down the cost of Identity theft and helpful in the long run.

E. Well planned user data access should be provided so that identity theft can be reduced to a large extent.

F. Business credit reports should be checked in order to have a better understanding of uses of credit and this will be leading to reduction of Identity theft as well