Georgia The FACTA Red Flags Rule: A Primer
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FAQ
The Red Flags Rule requires that each "financial institution" or "creditor"?which includes most securities firms?implement a written program to detect, prevent and mitigate identity theft in connection with the opening or maintenance of "covered accounts." These include consumer accounts that permit multiple payments ...
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.
Banks, credit unions, brokers, mutual funds, financial institutions, and similar businesses are generally covered by the rule and must have identity theft prevention programs in place.
The Red Flags Rules provide all financial institutions and creditors the opportunity to design and implement a program that is appropriate to their size and complexity, as well as the nature of their operations. The red flags fall into five categories: alerts, notifications, or warnings from a consumer reporting agency.
In Anti-Money Laundering (AML) compliance, a red flag describes a warning sign that indicates the possibility of money laundering or other criminal activity. Red flags can include transactions involving companies in sanctioned jurisdictions, large volumes, or funds being transmitted from unknown or opaque sources.
The Red Flags Rule requires organizations to implement a written identity theft prevention program to help them identify any of the relevant ?red flags? that indicate identity theft in daily operations. The Rule also offers steps to help prevent the crime and to mitigate its damage.
The Federal Trade Commission (FTC) has issued regulations (the Red Flags Rules) requiring institutions having covered accounts to develop and implement written identity theft prevention programs, as part of the Fair and Accurate Credit Transactions (FACT) Act of 2003.
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.