FTC Wants Civil Money Penalty Powers to Tackle ID Theft, a Growing Problem: Report

By Brian Monroe

Congress is considering a request that would allow the Federal Trade Commission to levy fines against companies with poor controls over sensitive customer data, according to a report released Tuesday. The agency is seeking to bolster its ability to penalize companies that fail to protect their customers' personally identifiable information, stated the governmental interagency report, which outlined U.S. efforts to curb identity theft. The FTC has called its current powers to force companies to pay customers restitution "inadequate," the report said. Should Congress grant the agency the power to fine, the FTC would likely use them in coordination with financial...