What's New
In March, the U.S. House Financial Services Committee approved legislation, HR 3997, which would overturn dozens of strong state laws giving consumer protection against identity theft without substituting meaningful federal reforms. A total of 25 states, including Florida, have passed laws giving consumers the right to freeze access to their credit reports, stopping identity theft before it starts. At least 28 states have given consumers the right to be notified when a company, like Choicepoint, or a government agency loses their confidential financial DNA.
How You Can Help
Please take a moment to
call your representative to tell them to pass stronger laws that protect identity theft without preventing states from passing even stronger protections.
Overview
Just since February 2005, Choicepoint, Bank of America, DSW Shoe Warehouse, Cardsystems, the Department of Veterans’ Affairs, and other companies and agencies have disclosed that they’ve lost the confidential financial information of over 90 million Americans. We learned about these security breaches only due to laws passed by a number of states that require companies to notify the public when a data breach has occurred. A Florida breach notification law was passed in 2005.
When companies play fast and loose with our confidential financial information, then allow identity thieves access through credit bureaus, it’s easy for identity thieves to take advantage.
Florida PIRG worked with state lawmakers in 2006 to pass a strong Florida security freeze law, allowing consumers to block would-be identity thieves.
Now, the banks and credit card companies are pressuring Congress to override the strongest security freeze and breach notice laws, as well as dozens of other state identity theft reforms, with a weak federal law that won’t stop identity theft and won’t allow the states to innovate.
Under the flawed HR 3997, only previous identity theft victims would be able to use security freezes. That’s like saying only victims of car crashes could wear seat belts. And, the bill would allow companies that lost confidential information to decide whether it was important to tell us.
