How to Protect Customer Information Against Identity Theft
May 9, 2001
Circular No. 11344

To the Chief Executive Officers of All State Member Banks, Bank Holding Companies, Edge & Agreement Corporations, and State-Licensed Branches & Agencies of Foreign Banks in the Second Federal Reserve District:

In a press release dated April 30, the Board of Governors of the Federal Reserve System announced the issuance of guidance on how banking organizations should protect customer information against identity theft. The guidance also provides information on how to complete Suspicious Activity Reports (SARs) with information on offenses relating to identity theft and pretext calling (impersonating the customer to gain access to account information).

The guidance is contained in a supervisory letter (SR 01-11) issued April 26 by the Board's Division of Banking Supervision and Regulation. Previously issued interagency guidance on safeguarding customer information can be found in our Circular No. 11322, dated February 12, 2001.

Questions on this matter may be directed, at this Bank, to Janice A. Oser, Bank Supervision Officer, Legal and Compliance Risk Department.