AGs want stronger ID theft protections by banks, credit card companies

AGs want stronger ID theft protections by banks, credit card companies
That group of 31 includes Kentucky, Tennessee and Illinois. (WAFB)

FRANKFORT, KY (KFVS) - A group of state attorney generals are wanting stronger protections regarding federal rules that require banks and credit card companies to detect and prevent identity theft.

That’s according to Attorney General Andy Beshear of Kentucky.

That group of 31 includes Kentucky, Tennessee and Illinois. They are urging the Federal Trade Commission to not only continue the 2007 federal requirements, known as the Identity Theft Rules, but also update them to keep up with the ingenuity of identity thieves.

The attorney generals are calling for a stronger alert system so account holders, banks and credit card companies are better equipped to detect and stop fraudulent activities, like unauthorized email and physical address changes, as soon as they occur.

The AGs also request that the FTC go beyond requiring credit companies or banks to use knowledge-based authentication information that asks account holders questions like “what elementary school did you attend” or “what was the name of your first pet.”

The AGs say that identity thieves have developed methods to overcome knowledge-based authentication and that stronger multi-factor authentication is needed.

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