What are the FACT Act Red Flags Rules?
Sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) were revised in October 2007. The changes require financial institutions and creditors to take specific actions to detect, prevent, and mitigate loss due to identity theft. They are known as “The Red Flags Rules.” You may be surprised to find that you are a creditor. More about Red Flags
Do FACT Act Red Flag Rules apply to my business?
If you think that your company is not subject to the Red Flag Rules, think again. Whether you are a sole proprietor or a large organization, you may have to comply based upon the way you transact business. Ask yourself the following questions:
- Do you invoice your customers or accept payments over time on debts or purchases?
- Do you collect and keep information on your customers for ongoing business?
If you answered yes, click “Next”.
Is my organization at risk for identity theft?
Does your business have something that identity thieves want to steal? The answer is simple: It's the personal, financial, business, or medical information that you manage on employees, customers, and contractors. Once this data is lost or stolen there are serious consequences for an unprepared company. ...a more detailed answer to this question
What do I have to do to comply with the Red Flags Rules?
The Red Flag Rules require you to develop, implement, and maintain a written Program to detect, prevent, and mitigate loss due to identity theft. Your IDentity Theft Prevention Program must address patterns, practices, and specific forms of activity that are “red flags” signaling possible identity theft. ...a more detailed answer to this question
How does ID Doctor make compliance and identity theft prevention easy?
When it comes to identity theft and compliance, prevention is the best medicine. ID Doctor is a comprehensive program that helps you to assess risks, create policy, implement security measures, and maintain an Identity Theft Prevention Program. In other words, ID Doctor helps from start to finish. ...a more detailed answer to this question
