The fates of those who have defrauded innocent collectors must be decided and industry-wide authentication regulations must be implemented and strictly enforced.
"I am determined that this criminal activity should be stopped and that anyone who has defrauded the customer must feel the full force of the law, " he said.
According to the state regulators to which we referred the matter, that hedge fund manager will be required to provide restitution to the investors he defrauded.
Consumers who receive notices saying their data has been lost by a company or government agency may be a different story: Their chance of being defrauded rises by about 300%, Vamosi says.
Investors who have been defrauded by a public company want third-party liability because it expands the universe of players that can be sued in a fraud case.