A Practical Guide to the Red Flag Rules: Identifying and Addressing Indentity Theft Risks

A Practical Guide to the Red Flag Rules from PLI fully and clearly covers the rules on identity theft red flags that were recently instituted by the Federal Trade Commission and federal financial regulatory agencies. The Guide shows how these rules implement sections 114 and 315 of the 2003 Fair and Accurate Credit Transactions Act and require every financial institution and creditor that holds a covered consumer account, or other account for which there is a reasonable foreseeable risk of identity theft, to develop an identity theft prevention program. The Guide explains what the red flag rules entail; specifies the types of financial institutions and credit issues that must comply; shows how to craft policies and procedures to detect and respond effectively to identity theft dangers; addresses effective program administration; advises on how to periodically assess and update the prevention program; and summarizes the potential legal actions and penalties for noncompliance. Updated periodically, A Practical Guide to the Red Flag Rules: Identifying and Addressing Identity Theft Risks is an indispensable, step-by-step guide for every financial institution and credit issuer that must comply with these rules.