Product innovation is key to growth in the card business, but the ability to grow without sacrificing security, speed and reliability is critical. Banks that can provide these things, along with convenience for consumers and increased sales opportunities for merchants, will achieve success.
The Senate Judiciary Committee held a hearing Wednesday on identity theft as it took up legislation introduced this week by Sen. Dianne Feinstein, D-Calif., who hopes to beef up federal laws and bring to everyone the protection currently enjoyed only by Californians.
The Identity Theft Assistance Center spares victims the hassle of contacting creditors individually and repeatedly having to prove their identity. By creating a rapid-response system, the center shortens the time thieves have to operate and builds evidence that can be used against them in court.