On October 31, 2007, the U.S. Department of the Treasury and the Federal Trade Commission (FTC), along with the federal banking regulators, promulgated final “Red Flag Rules” pursuant to sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003 (FACTA). Under the Red Flag Rules, all financial institutions and issuers of credit must have “Red Flag” identity theft policies and programs in place. Covered entities must be in compliance with these rules by November 1, 2008.
That means that financial institutions and creditors must (a) assess their identity theft risk factors, (b) adopt and test policies and procedures that detect and address the risks, consistent with the Red Flag Rules, and (c) train their employees to ensure that those policies and procedures are properly implemented.
A Practical Guide to the Red Flag Rules provides affected businesses, and their advisors, with a straightforward explanation of what the Red Flag Rules entail, with practical tips for compliance. Much more than a mere recitation of what the law requires, this book provides practical advice on what it means to comply, along the way explaining the intricacies of the new regulations.
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