Innovative Software Solutions is rolling out its “Identity Theft Case Management System”, an online solution designed to help financial systems comply with identity theft laws.

Bank of America has signed on to deploy it, Innovative said.

Innovative pointed out that the product offers “a single point of contact for customers who have been victimized by identity theft” and creases one secure repository for customer information. It also allows consumers to use the web to check on the status of their case in the envent of a theft.

The company cited Federal Trade Commission figures that say almost 10 million people a year fall victim to identity theft. Consumer costs totaled $5 billion. Losses for businesses and financial institutions reached $48 billion.

“Innovative Software Solutions has created a pioneering solution to address the increasing regulatory requirements related to privacy and identity theft,” said Larry Ponemon, founder of the Ponemon Institute, which deals with information and privacy management practices, in a statement provided by Innovative. “(Federal legislation) requires companies engaged in the delivery of financial services to the consumer to develop customer focused solutions that mitigate the damage of identity theft.”

Innovative Software Solutions was founded in 1989 and is based in Charlotte.

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