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Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release February 5, 2003 #03-06
E-mail: [email protected]

ACB STRONGLY SUPPORTS ID THEFT LEGISLATION

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Statement by Diane Casey Landry, president and CEO, America’s Community Bankers, on the identity theft legislation sponsored by Sens. Diane Feinstein (D-Calif.) and Jon Kyl (R-Ariz) and reported by the Senate Judiciary Committee:

America’s Community Bankers applauds the efforts of Senators Feinstein, Kyl, Grassley, Sessions and Craig to step up the attack on identity theft with legislation to increase the minimum sentencing standards judges would be required to impose and lessen the legal threshold in identity theft cases.

The legislation is of particular interest to the banking industry because identity theft is a growing crime that traumatizes customers and jeopardizes their ability to conduct safe and secure financial transactions. The FBI estimates that between 500,000 and 750,000 Americans become victims of ID theft each year, with financial institutions suffering losses of billions of dollars a year from fraudulent practices.

Community banks strongly support the Identity Theft Penalty Enforcement Act and will work for its passage. By strengthening sentencing standards and making it easier for prosecutors to prove ID theft, Congress can help law enforcement target identity thieves and establish a legal framework that serves as an effective deterrent to this crime.

ACB has assisted community banks by providing more than 4 million copies of two statement stuffer brochures to help consumers avoid identify theft and checking account fraud. “Identity Theft: Don’t Be a Victim” describes what it is, how it can occur and, importantly, what customers can do to help prevent it. “Checking Account Fraud” helps community bankers enlist customers’ assistance in combating this rapidly growing crime.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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