Tennessee Guide to Complying with the Red Flags Rule under FCRA and FACTA

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Multi-State
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US-FCRA-02
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PDF
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This guide has two parts: Part A to help you determine whether your business or organization is at low risk, and Part B to help you design your written Identity Theft Prevention Program if your business is in the low risk category.


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FAQ

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 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 ...

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.

This ITPP addresses 1) identifying relevant identity theft Red Flags for our firm, 2) detecting those Red Flags, 3) responding appropriately to any that are detected to prevent and mitigate identity theft, and 4) updating our ITPP periodically to reflect changes in risks.

The Federal Trade Commission (FTC) enforces the Red Flags Rule with several other agencies.

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.

Institutions are required to have a written identity theft prevention program (ITPP) to govern their organization and protect their consumers. What's a red flag? The FTC defines a red flag as a pattern, practice or specific activity that indicates the possible existence of identity theft.

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.

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Tennessee Guide to Complying with the Red Flags Rule under FCRA and FACTA