Articles
FTC Business Alert-This Could Effect You!
by Robert A. FalaceNew ‘Red Flag’ Requirements for Financial Institutions and Creditors Will Help Fight Identity Theft
Identity thieves use people’s personally identifying information to open new accounts and misuse existing accounts, creating havoc for consumers and businesses. Financial institutions and creditors soon will be required to implement a program to detect, prevent, and mitigate instances of identity theft.
The Federal Trade Commission (FTC), the federal bank regulatory agencies, and the National Credit Union Administration (NCUA) have issued regulations (the Red Flags Rules) requiring financial institutions and creditors to develop and implement written identity theft prevention programs, as part of the Fair and Accurate Credit Transactions (FACT) Act of 2003. The programs must be in place by November 1, 2008, and must provide for the identification, detection, and response to patterns, practices, or specific activities – known as “red flags†– that could indicate identity theft.
Who must comply with the Red Flags Rules?
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About Robert A. Falace 
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Created on Dec 31st 1969 18:00. Viewed 0 times.
