The FTC’s “Red Flag” mandate to curb identity theft is set to take effect on November 1, 2009, one full year after the original policy was to be enforced. It appears that after many delays, the government is finally ready to take action.
Creditors and Financial Institutions must develop and implement a written Identity Theft Prevention Program.
Further, all employers that conduct background checks are supposed to have a policy in place to handle “Red Flag” Address Discrepancy Notifications from the National Consumer Reporting Agencies (mainly credit bureaus). This rule has been in effect since last November and we are still unclear what such notifications will look like when and if they occur.
For more information on these guidelines and how to comply check out:
Users of Consumer Reports Have New Responsibilities as of November 1
EmployeeScreenIQ Offers Free Webinar on New FTC Guidelines
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Identity theft has been the fastest growing crime in the United States for over five years in a row, and it seems to show no signs of letting up whatsoever. Consumers that are not careful and leave themselves exposed to the threats that can cause identity theft run a high risk of falling victim to a crime that can take several years to recover from.