Question

The best way a bank can protect a victim of identity theft is to his or her account

Answer 1

The best way a bank can protect a victim of identity theft is to freeze his or her account. By freezing the account, no future purchases can be made from an unexpected user on the account. This allows time for the account owner to figure out what purchases were not made by them and the bank to collect the funds back.

Answer 2

The correct answer is to freeze.

Freezing is a way where a bank can protect a victim of identity theft to his or her account.

Account freeze is termed as brokerage or action taken by a bank such there is no transaction can occur in the account.

Account holder or third party can be initiated with the freezing of account.

Bank account can be frozen for the purpose of judgement creditors so as the unpaid debts can be collected from those funds.

A bank can hold a check of an account for large deposits and it takes up to ten days for investigation.