Identity Theft: Is It Covered?

Leone, Frank
October 2008
Banking New York;Fall2008 Banking Solutions, p24
Trade Publication
The article discusses the potential losses that banks may incur due to identity theft and the insurance coverage of such losses. In first party loss, which is covered under the Financial Institution Bond, the bank incurs loss of funds. Lawsuits against banks due to negligence in protecting confidential customer information which results to identity theft are classified under third party loss. After an alleged breach of security, banks incur expenses to mitigate fraud and potential liability.


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