FTC Offers Red Flags Web Site To Help Creditors and Financial Institutions Design Identity Theft Prevention Programs

The Federal Trade Commission has launched a Web site to help entities covered by the Red Flags Rule design and implement identity theft prevention programs. The Rule requires “creditors” and “financial institutions” to develop written programs to identify the warning signs of ID theft, spot them when they occur, and take appropriate steps to respond to those warning “red flags.”

The FTC and the federal financial regulatory agencies developed the Red Flags Rule under the Fair and Accurate Credit Transactions Act of 2003. The Rule is designed to reduce the overall incidence and impact of identity theft. “Fighting Fraud with the Red Flags Rule: A How-To Guide for Business,” available at www.ftc.gov/redflagsrule, describes the entities that are covered by the Rule and provides information to help them develop identity theft prevention programs. The Web site also offers articles and guidance on specific elements of the Rule.

The Rule became effective on November 1, 2008. For entities under the FTC’s jurisdiction, however, the Commission has delayed enforcement of the Rule until May 1, 2009, to provide more time for them to develop their Red Flags Programs. (See FTC Enforcement Policy, Oct. 22, 2008 – http://www.ftc.gov/opa/2008/10/redflags.shtm).

(FYIRedFlagsRuleWebSite)

IR Press

Share
Published by
IR Press

Recent Posts

Treasury Issues Final Rule Expanding CFIUS Coverage of Real Estate Transactions Around More Than 60 Military Installations

WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee…

4 days ago

U.S. Department of the Treasury’s CDFI Fund and Federal Housing Finance Agency Collaborate to Bolster CDFI Access to Capital

WASHINGTON—Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and…

4 days ago

Report on U.S. Portfolio Holdings of Foreign Securities at Year-End 2023

Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities…

5 days ago

READOUT: U.S. Department of the Treasury Hosts Roundtable Discussion on the Financial Sector’s Response to Recent Hurricanes

WASHINGTON – The U.S. Department of the Treasury hosted a roundtable on October 30 with…

5 days ago

READOUT: Sixth Meeting of the Financial Working Group Between the United States and the People’s Republic of China

WASHINGTON – The United States and the People’s Republic of China held the sixth meeting…

5 days ago

Treasury Sanctions Key Members of La Linea, a Group Involved in Trafficking Fentanyl into the United States

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned…

5 days ago