What should go into a lender’s Identity Theft Crisis Plan? First make sure you have a senior member of management in charge of coordinating the response. The plan should include reasonable policies for identifying red flags and categorizing the type of identity fraud found: purchase money theft, equity stripping theft or account theft. Keep the plan updated and create policies to respond to schemes perpetrated against other banks you hear about in the news. Start with your existing policies and continuously make them stronger. Identity theft carries with it significant potential losses for the institution and many responsibilities for making the consumer victim whole after the fact. More to follow…