With identity theft costing Americans billions of dollars each year, financial institutions are under pressure to make account information more secure. The Federal Deposit Insurance Corporation (FDIC) has issued a study of ID theft and account hijacking in which it outlines technological tools and other recommendations designed to mitigate this threat. @ Putting an End to Account-Hijacking Identity Theft .
A recent report jointly conducted by Experian and the Ponemon Institute surveyed consumers who were victims of data breaches. In the report, The Aftermath of a Mega Data Breach: Consumer Sentiment, 63 percent of consumers said they believe the company where the data breach occurred should be obligated to provide identity theft protection to affected parties, and 67 percent wanted compensation such as cash, products, or services.