About ID Safety: A Nationwide Strategy To Prevent And Respond To Identity Crime
An overview of the partnership between the International Association of Chiefs of Police (IACP) and Bank of America (BAC)
Why the International Association of Chiefs of Police and Bank of America?
- BAC and IACP have joined forces in a leadership role to form a unique three-year partnership to develop a nationwide strategy to combat identity crime and provide consumer protection. This strategy will encompass the critical responsibilities of law enforcement, the private sector, and the public. The ultimate goal of the partnership is to educate both the public and law enforcement officials on ways to prevent and respond to identity crime.
What are the IACP and BAC's goals in this partnership?
- Overall, this partnership will create a comprehensive, multifaceted approach to prevent, investigate, respond to and effectively aid victims of identity crime. As the first joint project, the partnership launched a Web site, www.IDSafety.org, that will educate both consumers and law enforcement about identity crime. As the partnership grows, the IACP and BAC will develop a nationwide strategy to raise citizen awareness of identity crimes and the steps to prevent being victimized. Equally as important will be the bolstering of law enforcement expertise in conducting investigations.
What is unique about the IACP/BAC Web site?
- www.IDSafety.org marks the first time the banking industry and law enforcement have come together to create a Web site to help consumers and law enforcement officials understand and respond to identity crime. The site guides both victims and law enforcement officials through the sometimes confusing process of preventing identity crime, reporting identity crime incidents, and investigating perpetrators. The Web site will also allow law enforcement around the country to share best practices when it comes to investigating and stopping identity crime.
What are the objectives of IACP/BAC partnership?
- To accomplish the goals of this partnership, the IACP/BAC will achieve the following objectives:
- Prevent Identity Crime
- Spur development of community-based partnerships among financial institutions and law enforcement agencies.
- Raise citizen awareness of identity crime and the necessary steps to prevent being victimized.
- Address 'supply-side' activities that potentially contribute to identity compromise.
- Advance Investigative Techniques
- Foster an understanding of identity crime on a global level and its potential ties to larger criminal enterprises.
- Bolster law enforcement's expertise in conducting local and statewide investigations.
- Advance fusion center-based intelligence practices to fuel investigations.
- Identify ways to share and exchange investigative best practices.
- Further a Coordinated Response
- Provide a clear, uniform message from private sector leaders on the industry's response to victims.
- Forge clear and uniform protocols from federal, state, local, and tribal agencies in responding to identity crime and assisting victims.
- Integrate parallel investigations.
- Prevent Identity Crime
How do the Bank of America's identity crime efforts differ from other financial institutions?
- Bank of America has received widespread recognition for its identity theft initiatives, including:
- Ranked No. 1 in Javelin Strategy & Research Identity Fraud Safety Scorecard in 2004, 2005 and 2006
- Ranked No. 1 by Global Finance for its information security initiatives
- SiteKeyTM security service cited as one of the best products of 2005 by BusinessWeek
Bank of America focuses not only on detecting and on resolving identity crime issues but also on preventing identity crime through education and awareness, and the new partnership is one example of the Bank's commitment to this.
Why and how is identity crime a growing threat?
- Responding to identity crimes poses a significant challenge to consumers, financial institutions, and law enforcement agencies. All too often, victims of identity crime are uncertain about the steps they should take if they suspect or discover identity crime. A report from the Federal Trade Commission found that in 2005, barely one-third of identity crime victims contacted police to report their losses.
