FTC’s Red Flags for Financial Institutions and Creditors to Fight ID TheftAs reported by the President’s Identity Theft Task Force, identity theft results in billions of dollars in losses each year to individuals and businesses. In an effort to limit identity theft, the Federal Trade commission (FTC), the federal bank regulatory agencies, and the National Credit Union Administration have issued regulations, the Red Flags Rules, requiring financial institutions and creditors to develop and implement written identity theft prevention programs. These programs must provide for identification, detection, and response to the “red flags” – patterns, practices, or specific activities that could indicate identity theft – and are required to be in place by November 1, 2008. To help members prepare for writing these identity theft prevention programs, the DMA will host a virtual seminar featuring guest speakers from the FTC to discuss the basis of the Red Flags Rules, what is required in the programs, and answer questions. The session will take place Thursday, August 21, 2008 at 2:00 PM Eastern, and is FREE for for DMA Members ($299 for non-members).
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