February 27, 2003
The task force will negotiate with the Committee’s Republican members and the Bush Administration in crafting a bipartisan bill that would curb identity theft and fight other similar financial crimes.
More than 160,000 consumers reported being victims of identity fraud last year, according to the Federal Trade Commission (FTC). Identity theft occurs when a consumer’s social security number, credit card number, or name is used without his or her knowledge to open fraudulent credit, telecommunications, or utility accounts -- or to use already existing accounts. Identity theft can also occur when an individual’s name is used unknowingly to pass bad checks, secure loans, get jobs, or obtain housing.
Identity theft potentially affects every consumer and all sectors of the financial services industry including financial institutions, credit card companies, insurance companies, mortgage companies and hospitals. The theft can be carried out over the telephone, by hacking into an individual’s confidential computer files, or by stealing hard copies of a company’s billing information. In most cases, the victim of the theft usually doesn’t realize that the information has been stolen until some time later.
"Stopping identity theft is a must do!" Lee said. "With the incidents of this crime multiplying, we must develop regulations and laws to ensure that privacy is protected."
"Working on these issues will be a real challenge, but I’m looking forward to serving on this task force."
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Congresswoman Barbara Lee Chosen As Member of Identity Theft and Financial Crimes Task Force
Washington, DC -- Congresswoman Barbara Lee (D-California) today was selected by Congresswoman Darlene Hooley (D-Oregon) to be a member of a newly-created task force that will investigate financial crimes, including identity theft, the fastest-growing white-collar crime in America. Congresswoman Hooley will chair the task force, which is comprised of several House Financial Services Committee Democrats.The task force will negotiate with the Committee’s Republican members and the Bush Administration in crafting a bipartisan bill that would curb identity theft and fight other similar financial crimes.
More than 160,000 consumers reported being victims of identity fraud last year, according to the Federal Trade Commission (FTC). Identity theft occurs when a consumer’s social security number, credit card number, or name is used without his or her knowledge to open fraudulent credit, telecommunications, or utility accounts -- or to use already existing accounts. Identity theft can also occur when an individual’s name is used unknowingly to pass bad checks, secure loans, get jobs, or obtain housing.
Identity theft potentially affects every consumer and all sectors of the financial services industry including financial institutions, credit card companies, insurance companies, mortgage companies and hospitals. The theft can be carried out over the telephone, by hacking into an individual’s confidential computer files, or by stealing hard copies of a company’s billing information. In most cases, the victim of the theft usually doesn’t realize that the information has been stolen until some time later.
"Stopping identity theft is a must do!" Lee said. "With the incidents of this crime multiplying, we must develop regulations and laws to ensure that privacy is protected."
"Working on these issues will be a real challenge, but I’m looking forward to serving on this task force."
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