Wednesday, October 21, 2009
FTC has handbook on Red Flags Rules; CoNetrix offers major implementation service
CoNetrix has a web page on Section 114 of the 2003 Fair and Accurate Credit Transactions Act (FACTA), as well as Section 315. The law requires financial institutions to implement an Identity Theft Prevention Program with “Red Flag Rules”. The link is here. The program comes with a subscription.
The FTC (Federal Trade Commission) has a press release on the Red Flags Rules (practices discovered by automatic audits that suggest a high probability of identity theft), that had to be in placed by November 2008, URL link here. The Manual and other basic literature can be accessed at the basic Red Flags link here.
One of the most interesting Red Flags is not trying to collect a debt, either directly for from a debt collection agency. When a party does not claim a benefit that generally would be legitimate, that is a sign of intentions that are amiss.