CBI strives to provide education to the public on the prevention of identity theft. By educating the public and increasing enforcement actions, CBI will diminish the impact of identity thieves, creating peace of mind for Colorado residents. CBI will assist in coordinating muli-jurisdictional investigations of identity theft.
The CFI was authorized within CBI by the Colorado legislature in July 2006 to assist local law enforcement in successfully attacking Identity Theft. The Colorado Bankers Association (CBA), representing financial institutions, was instrumental in obtaining passage of this legislation. The CBA provides government relations, community relations, and educational information to nearly every bank in Colorado. The purpose was to coordinate efforts on the part of both the private sector (Banks) and law enforcement to address the problem of ID Theft statewide.
This legislation was in response to the fact that in 2006 Colorado ranked fourth for Fraud and sixth for ID Theft in the nation, according to the Federal Trade Commission. The Federal Trade Commission operates the Identity Theft Data Clearinghouse, which houses the federal government's centralized repository for consumer identity theft complaints. Additionally, the CBA estimates the cost to Coloradans, as a result of ID Theft and Fraud, exceeds $150,000,000 annually.