UK Money News
24th April 2008
FSA: Banks failing customers over ID theft
Banks and building societies are not doing enough to guard against identity theft, according to the financial regulator.
In a survey conducted by Financial Services Authority (FSA), it was found that almost half of the 39 companies surveyed provided no training for staff over data security.
The study said that this is evidence that companies are failing to take sufficient measures to protect their customers and that they are also underestimating the deleterious impact this can have on their businesses.
Philip Robinson, director of financial crime and intelligence at the FSA, told BBC Online: "Despite increased public awareness of the impact that identity theft can have on customers, many firms are still not taking this risk seriously."
In December last year the FSA imposed a fine of 31.26 million on Aviva subsidiary Norwich Union when it was judged to have failed to protect its customers details.
Over the course of 2007, the FSA investigated 56 financial services companies for potential breaches of security that could have lead to identity theft.
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