Bank of America places a
high priority on working with customers who have been alleged victims of
identity theft. In 2001, the company initiated a process for key business
units in which identity theft victims work with one point of contact within
the bank, rather than needing to contact multiple departments. Bank of America
also uses a single transaction dispute form, the Federal Trade Commission ID
Theft affidavit, across the franchise. Customers can use the same form to
alert multiple companies about fraudulent accounts, rather than needing to
fill out separate forms.
Bank of America has also partnered with several consumer
advocacy organizations to promote awareness about how to prevent and respond
to identity theft. In June 2002, Bank of America teamed with the National
Consumer League to launch a public information campaign to help stop identity
theft. The campaign includes public service announcements, a Web site with
tips for avoiding identity theft and a variety of other materials consumers
can use to protect their privacy on the Internet and elsewhere. The bank also
works closely with Consumer Action, a nonprofit advocacy and education
organization, to educate consumers about how to protect themselves from
identity theft, how to prevent identity theft and what to do when it occurs.
The information is available in English and Spanish and is distributed
nationally to individuals and community groups.
In addition, Bank of
America also has formed a partnership with the National Council of State
Legislators to disseminate in-depth information about effective laws, policies
and projects to combat identity theft. The information, available on a new Web
site in June 2002 and in a legislative brief in July 2002, will be geared to
state and federal lawmakers, the financial industry, law enforcement and the
public.
The bank also addresses the issue of identity theft on
its Web site, www.bankofamerica.com.
The privacy area of the site (www.bankofamerica.com/privacy)
includes a section called Protecting Yourself, which addresses identity
protection issues related to credit cards and ATMs.
An additional section in the privacy area under Accounts and Services outlines the different products and services Bank of America offers that help protect customer privacy and security. These products and services include the following:
Online
Banking with Bill Pay – Customers enjoy secure access to
their accounts. The bank’s security software automatically protects
financial information. Customers also can pay bills quickly and safely online.
Direct
Deposit – Customers can have paychecks, dividends and
other recurring credits deposited directly to their accounts, and don’t need
to worry about lost or stolen checks.
Automatic Payment -- With automatic payments, customers can arrange to have recurring payments deducted automatically from their accounts and paid. This eliminates the risk of theft associated with paper checks.
Enhanced Checks
– Customers can protect themselves against fraud by using checks printed on
paper with special security features. These enhanced security features are
automatically provided free of charge on all checks purchased through Bank of
America.
Credit Cards and Check Cards – Customers have limited liability if their cards are lost, stolen or used without their permission. The bank may fully reimburse customers for any unauthorized transactions or withdrawals when the bank is notified promptly. In addition, Bank of America reviews authorizations, address changes and payments that vary from customers’ typical usage patterns to protect them against fraudulent account activity.
Photo
Security – Customers can have their photos and signatures
placed on the front of their Bank of America Credit Cards and Check Cards to
help protect against fraud if the cards are lost or stolen.
Verified
by VISA – By assigning a password to any Bank of America
Visa credit card, customers can ensure that they are the only ones who can use
their cards at participating online merchants, allowing them to shop online with
confidence.
Visa
Buxx -- These prepaid and reloadable stored value cards
allow parents to provide a set amount of money for their teens to spend without
the risk of carrying cash.
The bank also takes the opportunity on an ongoing basis to remind customers about the threat of identity theft. Callers to the bank’s customer service centers who are on hold may hear recorded messages about preventing identity theft. In addition, monthly statements to customers have included messages reminding customers not to give out their credit card numbers over the phone.