Petitioner seeks to restrict disclosure of personal information associated with identity theft. Financial Institutions including banks must implement safeguards to protect private information. Fraudulent transactions using disclosed consumer information has far reaching impacts for the consumer. Banks may see this problem as the cost of operations but the failure to secure consumer information has long term affects on the daily lives of individuals and families. Consumers should not have to wait 7-10 days for bank's review of reported frauds to act upon consumer complaints. Response to recent or ongoing incidents should be handled within 24 hours. . Access to financial accounts must have tighter controls.
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