Businesses, consumers and the U.S. government are becoming more aware of the prevalence of identity theft; however, it is the banks and other financial services providers that must take more aggressive actions to fight these crimes, according to Gartner, Inc.

The U.S. Federal Trade Commission (FTC) recommends educating consumers to be more careful in disseminating credit information. It said bank regulators should establish "red flags" that creditors should heed when granting credit, and establish stronger criminal penalties and prosecution.

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