As many as 85 percent of banks have implemented adequate compliance systems aimed at rooting out identity thieves and limiting the number of data breaches, according to analysts.
The U.S. Federal Trade Commission has given financial institutions an additional six months to develop programs to prevent identity theft due to confusion in the industry over the scope of the agency's rules.
Financial regulatory examiners will be checking that banks are not overly relying on their existing monitoring systems to comply with new federal rules meant to curb identity theft, say consultants.
Some 3.7 percent of American adults, or 8.3 million individuals, had their personal data stolen or misused in 2005, according to a Federal Trade Commission study released Tuesday. The estimated total loss from ID theft for American consumers was $15.6 billion.
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