July 16, 2004 — (WEB HOST INDUSTRY REVIEW) — US President Bush signed a new identity theft bill into law Thursday,
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legislation passed by Congress in response to a problem that continues to grow as more Americans turn to the Internet for shopping and banking.
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The Identity Theft Penalty Enhancement Act adds two years to prison sentences for criminals convicted of using stolen credit card numbers and other personal data to commit crimes. Perpetrators who use that data to commit “terrorist offences” would receive an additional five years.
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“Like other forms of stealing, identity theft leaves the victim poorer and feeling terribly violated,” Bush said Thursday at a White House signing ceremony. “The criminal can quickly damage a person’s lifelong effort to build a good credit rating.”
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Identity theft received the highest number of consumer fraud complaints to the Federal Trade Commission last year, accounting for more than half the complaints tracked by the agency. The FTC estimated 9.9 million victims of identity theft in 2002, costing businesses and consumers $53 billion.
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The law will make it more likely that thieves are prosecuted, in addition to tracking down larger criminal enterprises because identity thieves often work in groups. The law also orders the US Sentencing Commission to consider increasing the penalties for employees who steal sensitive data from their own companies.
