Is The Government Doing Anything To Protect You From Identity Theft?
The Federal Trade Commission (FTC) and the federal financial institution regulatory agencies have sent to the Federal Register for publication final rules on identity theft red flags and address discrepancies. The final rules implement sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003.
According to a report of the Presidents Identity Theft Task Force, identity theft (a fraud attempted or committed using identifying information of another person without authority), results in billions of dollars in losses each year to individuals and businesses.
The final rules require each financial institution and creditor that holds any consumer account, or other account for which there is a reasonably foreseeable risk of identity theft, to develop and implement an Identity Theft Prevention Program for combating identity theft in connection with new and existing accounts. The Program must include reasonable policies and procedures for detecting, preventing, and mitigating identity theft and enable a financial institution or creditor to:
Identify relevant patterns,...
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