TITLE

Identity Theft: Is It Covered?

AUTHOR(S)
Leone, Frank
PUB. DATE
October 2008
SOURCE
Banking New York;Fall2008 Banking Solutions, p24
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
35067904

 

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