Trade commission website encourages ID theft rule compliance
Monday, April 6, 2009
The Federal Trade Commission (FTC) launched a new website last week to help banks and other creditors comply with the "red flags rule" for guarding against identity theft.
The report called Fighting Fraud with the Red Flags Rule: A How-To Guide for Business, available at www.ftc.gov/redflagsrule, provides information on how to identify and protect against ID theft, for institutions that must comply with the rule by May 1.
The FTC said banks and other financial organizations must develop a program to identify and detect red flags the organization has identified and spell out appropriate actions to take when red flags are detected. Organizations must also periodically re-evaluate their policies.
The rule went into effect January 1, but the FTC has delayed enforcement of the rule to provide more time for institutions to develop their programs, policies and procedures.
An ID theft expert said the FTC tracks all ID theft cases reported to the agency. The agency will likely enforce the rule by checking a company's identity theft prevention program in the event of a reported theft incident and making a determination about the adequacy of the company's policy, the expert said.
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