Identity Theft Related Cases Prevented By Texas Special System:

The legal case of identity theft is still speedily growing to be one of the top five crimes occurring frequently today. This different kind of theft costs a lot of victims their time and money; not to mention the physical and emotional stress it can create in families. States all around the US, including Texas, have taken each of their own action steps to help in the protection of individuals and consumers against this kind of crime. There are presently numerous investigative units in every police department that would focus only on identity theft related cases.

New Law In Texas

Nevertheless, Texas has recently passed a law that would help and protect identity theft related victims from bank account stealing. It cannot be denied that lately, there have been hundreds of people who are guilty of opening up their own checking accounts and committing check fraud. Earlier in the past, the only solution believed to work with identity theft would be to simply close the bank account after the crime had been discovered. Eventually, this has proven to be insufficient in putting a halt on the use of fake identity along with the account because financial institutions were not allowed to divulge information about these closed accounts. This inability prevented companies who received the check to verify the legality of what they received as a form of payment.

These identity thieves are then still capable of utilizing the checks of the victim on a certain account for a period of weeks even if the account has already been closed. Yes, merchants still perceive that they have a very dependable account verification system. This gave many retailers a lot of bad checks which paved a way for thieves to have the chance to cash in during this weak point of the bank’s system.

Closed Acount Notification System (CANS)

The Department of Banking of Texas adopted the CANS (Closed Account Notification System) in March of 2008. This protection is considered a pioneer approach on fighting the crime of identity theft not just for banks, but also for retailers, consumers, and individuals. This Texas system was made by Hellen Giddings amidst the creation of the House Bill 2002.

Such a service and system is rendered to all Texas financial groups and institutions. For the banks to be able to participate, they must register through a secured web page that was created by the Department of Banking of Texas. This then becomes a reminder that it is not just important for the customer to avail of this service but also for bank institutions to participate. You can personally ask your bank staff if such a program is supported by its system before you decide on keeping an account with them.

Theft and Safety

Financial safety must be paid with strict reverence and observation as it is the springboard to the movement and utilization of our daily means. To secure ourselves with the safest banking system is a normal choice that wise spenders will have to take.