Premium
Red Flags Rule Summary
Author(s) -
Holmes Tommy
Publication year - 2008
Publication title -
journal ‐ american water works association
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.466
H-Index - 74
eISSN - 1551-8833
pISSN - 0003-150X
DOI - 10.1002/j.1551-8833.2008.tb09741.x
Subject(s) - flags register , creditor , commission , identification (biology) , business , administration (probate law) , computer security , finance , political science , law , computer science , debt , botany , biology , operating system
The Federal Trade Commission (FTC), the federal bank regulatory agencies, and the National Credit Union Administration (NCUA) have issued regulations (the Red Flags Rules) requiring financial institutions and creditors to develop and implement written identity theft prevention programs as part of the Fair and Accurate Credit Transactions (FACT) Act of 2003. The programs must be in place by Nov. 1, 2008, and must provide for the identification, detection, and response to patterns, practices, or specific activities. This article lists basic requirements of the rule, and provides program details.