This guide provides an overview of the Fair Credit and Reporting Act Red Flags rule and gives step-by-step guidance on how businesses may develop a program to comply with the law's requirements. Links to additional resources for developing an Identity Theft Prevention Program are included.
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The Red Flags Rule requires specified firms to create a written Identity Theft Prevention Program (ITPP) designed to identify, detect and respond to ?red flags??patterns, practices or specific activities?that could indicate identity theft.
Unrestricted access to assets or sensitive data (e.g., cash, personnel records, etc.) Not recording transactions resulting in lack of accountability. Not reconciling assets with the appropriate records. Unauthorized transactions.
The Fair Credit Reporting Act (FCRA) spells out rights for victims of identity theft, as well as responsibilities for businesses. Identity theft victims are entitled to ask businesses for a copy of transaction records ? such as applications for credit ? relating to the theft of their identity.
The "Red Flags" Rule, 16 C.F.R. § 681.2, requires "creditors" and "financial institutions" to develop written plans to prevent and detect identity theft.
File a Report with the FTC ? Visit .ftc.gov/idtheft to file a complaint with the Federal Trade Commission. By filing with the FTC, you will provide valuable information that could help law enforcement officials track down and stop identity thieves.
The Red Flags Rule seeks to prevent identity theft, too, by ensuring that your business or organization is on the lookout for the signs that a crook is using someone else's information, typically to get products or services from you without paying for them.
If you believe information in your file results from identity theft, you have the right to ask that a consumer reporting agency block that information from your file. An identity thief may run up bills in your name and not pay them. Information about the unpaid bills may appear on your consumer report.
