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July 11th, 2008

Fed “Red Flags” Identity Theft



I guess the government finally realized that Todd Davis’ company Life Lock wasn’t enough to put American’s minds at ease about identity theft. The Federal Trade Commission (FTC), the federal bank regulatory agency, and the National Credit Union Administration (NCUA) have instituted “Red Flag Rules.” These regulations, part of the Fair and Accurate Credit Transaction Act of 2003, will require financial institutions and creditors to develop and implement a written prevention program that will detect and respond to patterns, practices, or specific activities that point to identity theft by November 1, 2008.

Financial institutions and creditors will monitor unusual account activity, fraud alerts, suspicious account application documents, and suspicious personal info.

“Red Flag Rules” will be managed by the Board of Directors or senior employees of the financial institutions and creditors. The written prevention program must include employee training, appropriate action to solve the theft issue, as well as appropriate updates to their system.

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One Response to “Fed “Red Flags” Identity Theft”

  1. Best Identity Theft Protection Service Says: May 10th, 2009 at 5:27 pm

    Nice post. Thanks for sharing these tips.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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