Providing identity theft training to employees serves multiple purposes including compliance and risk management. For example, the goal of an identity theft training for employees may be to comply with privacy or identity theft laws, or prevent identity theft, and, reduce fraud losses.
Providing targeted identity theft training to employees is a great way to teach them about the latest identity theft threats and related solutions. It is also necessary to ensure compliance with organizational policies and regulatory requirements in a consistent and effective manner.
Normally, organizations don’t think about identity theft protection training until they are forced by regulators or experience some kind of a high visibility incident.
Identity theft cases affect millions of people and costs businesses billions of dollars. The identity theft epidemic is so grave that governments must come up with regulations such as the Red Flags Rule to guide and force companies to take action and minimize the risks for themselves and their customers. Some laws are focused on identity theft victim notification regarding data breach cases and others are concerned with protecting the credit worthiness of consumers. However, one of the common denominators of privacy and identity theft laws is employee training and sometimes even customer training.