Tuesday, July 19, 2005


July 19, 2005

New ID theft rules coming
When a batch of credit card numbers goes missing or a hacker invades a credit bureau, potential victims will soon be able to count on getting help faster. Congress will pass an ID theft bill this year that sets a national standard for handling security breaches at financial service firms and elsewhere.
The legislation will also extend existing privacy laws to data brokerages, which collect and sell consumers’ info to other businesses. And stiffer penalties await firms whose security isn’t up to snuff. The crackdown will have some unintended consequences. It’ll be harder to collect debts owed to businesses or individuals, as well as child support and other financial obligations. Investigators often rely on Social Security numbers and other personal info to locate deadbeats.