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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For example, the address does not match the address on the consumer report; or the Social Security number has not been issued or is listed on the Social Security Administration's Death Master File. Personal identifying information provided is not consistent with other information provided by the customer.
Missing documents that are fraud red flags include registration of motor vehicles, lists of sales and purchases, checkbooks, and inventory reports. When such records disappear, it may point to an undesirable situation that may lead to the loss of certain assets or money.
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.
In addition, we considered Red Flags from the following five categories (and the 26 numbered examples under them) from Supplement A to Appendix A of the FTC's Red Flags Rule, as they fit our situation: 1) alerts, notifications or warnings from a credit reporting agency; 2) suspicious documents; 3) suspicious personal ...
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.
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.
Appear to be forged or altered; Personal identifying information (i.e., photograph, physical description) on the identification does not match the individual presenting the information; Address or name does not match the information on the identification and/or insurance card(s), credit card(s), etc.
