Bank of America Skeptical of ID Theft Proposal

Banks and other institutions should decide whether customers should be told about cases of identity theft, a Bank of America official said Thursday in testimony prepared for a congressional hearing.

Barbara Desoer, a Bank of America executive vice president, was set to tell the Senate Banking Committee that proposed legislation requiring immediate notification to customers about security breaches may not be appropriate.

While the hearing ended before Desoer had a chance to speak, her prepared remarks went to the committee. She is now expected to testify next week.

“In some instances a through investigation … may conclude there is no risk that the information was used for illegal purposes,” Desoer said. “In these instances it is probably best to leave it to the discretion of the institution to decide if customers should be notified.”

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