U.S. House Financial Services Committee held a recent hearing on fighting identity theft. Financial services industry needs to rethink how to protect customers’ information using emerging technologies, experts testified. Financial institutions need to move beyond longstanding authentication systems and deploy AI-based verification processes instead, experts told the committee. In 2018, almost $15 billion was stolen from American consumers through identity-related fraud, the committee said in its opening remarks. The hearing also addressed the effectiveness and effectiveness of state privacy laws regarding the collection of personal information.”]
Source: https://www.bankinfosecurity.com/congress-hears-ideas-for-battling-id-theft-a-13094