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ID Theft Red Flags Rule - Tips from Regulators and Practitioners on How to Meet Nov. 1 Compliance

ID Theft Red Flags Rule - Tips from Regulators and Practitioners on How to Meet Nov. 1 Compliance
More ID Theft Red Flags Survey Resources

As of Oct. 1, U.S. banking institutions have just one month to come into compliance with the Identity Theft Red Flags Rule, which mandates new levels of ID Theft program management, training and awareness.

Register for this webinar to get your first glimpse at the new regulatory examination procedures for this rule, and receive first-hand advice from knowledgeable banking regulators and senior banking executives on ID Theft Red Flags compliance issues. Among the take-aways:

  • How to assess your institution's current preparedness for compliance;
  • How to perform triage and take care of the most critical ID Theft Red Flags compliance issues first;
  • Industry trends on Red Flags compliance - benchmark your own progress against your peers;
  • Ways large and small institutions have tackled the Red Flags challenge;
  • The resources required to be in compliance with the Red Flags Rule;
  • What to expect in the regulatory exams before and after the November 1 deadline.

Background

Last November, the FDIC and the NCUA, along with the other federal financial institution regulatory agencies and the Federal Trade Commission, issued the final rule and guidelines on identity theft "red flags" and address discrepancies. The rule requires that financial institutions and creditors implement a written identity theft prevention program, that card issuers assess the validity of change of address requests, and that users of consumer reports reasonably verify the identity of the subject of a consumer report in the event of a notice of address discrepancy.

Other highlights:

  • The regulation and guidelines implement sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003.
  • The regulation requires financial institutions and creditors to implement a written identity theft prevention program.
  • The regulation requires card issuers to assess the validity of change of address requests before issuing additional or replacement debit or credit cards.
  • Supplement A to the guidelines contains a list of 26 "red flags" that financial institutions and creditors may consider incorporating into their identity theft prevention programs.

The regulation and guidelines are effective now, and mandatory compliance is required by November 1, 2008.

In preparation for the compliance deadline, many institutions have been putting Red Flags teams in place, determining what (if anything) can be leveraged from work done to comply with the FACT Act, Bank Secrecy Act, Patriot Act and Gramm-Leach-Bliley Act, and they've been putting together their identity theft prevention programs, as well as employee and customer awareness initiatives. Still, many other institutions remain in the Red Flags assessment phase.

Register for this webinar to receive first-hand advice from knowledgeable banking regulators and senior banking executives on ID Theft Red Flags compliance issues, as well as BankInfoSecurity.com's research results:

  • How to assess your institution's current preparedness for compliance;
  • How to perform triage and take care of the most critical ID Theft Red Flags compliance issues first;
  • Industry trends on Red Flags compliance - benchmark your own progress against your peers;
  • What you can do now to assess your needs and complete your identity theft prevention and awareness programs in order to meet the compliance date;
  • Ways large and small institutions have tackled the Red Flags challenge;
  • The resources required to be in compliance with the Red Flags Rule;
  • What to expect in the regulatory exams before and after the November 1st deadline.

Following brief presentations by the regulators and hands-on advice from practitioners, this webinar will feature question and answer sessions with the presenters.

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