Identity Theft Compliance Training Workshops and Seminars
Why is Compliance Necessary?
New ‘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 are now 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 Rule) 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 2004.
The programs were required to be in place by November 1, 2008, although the FTC has delayed enforecement of fines until November 2009 because many businesses are not ready. They must provide for the identification, detection, and response to patterns, practices, or specific activities known as "red flags" that could indicate identity theft.
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ID Educators
ID Educators