Report to Congress Concerning the Availability of Consumer Identifying211 Information and Financial Fraud. Submitted to the Congress Pursuant to Section 211 2422 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996

摘要

The availability of sensitive consumer identifying information became an issue of211u001econcern for the Congress in the summer of 1996 after a widely-publicized incident 211u001ein which a large reference service offered for sale personal information about 211u001econsumers, including Social Security numbers, from one of its electronic 211u001edatabases. At about the same time, the Federal Trade Commission held hearings 211u001eregarding privacy and the misuse of personal identifying information by third 211u001eparties; and a number of newspaper and magazine articles discussed the increased 211u001euse of this information for illegal purposes. In light of these concerns, the 211u001eCongress directed the Board of Governors of the Federal Reserve System to conduct 211u001ea study concerning the availability to the public of sensitive identifying 211u001einformation about consumers, whether such information could be used to commit 211u001efinancial fraud, and if so whether there is an undue potential for risk of loss 211u001eto insured depository institutions. The Congress instructed the Board to submit 211u001eits findings within six months, including any recommendations for legislative or 211u001eadministrative action that the Board determines to be appropriate.