As we approach the FTC's May 1, 2009 Red Flags Rule enforcement deadline, we are still working with many of our existing and prospective clients to support their Red Flags Identity Theft Prevention Program. In my opinion, the May 1, 2009 extension did much good on two fronts: 1. It brought to light the need for all institutions, particularly in markets outside of traditional financial services arenas, to re-evaluate the expectation of their being 'covered' under the Red Flag guidelines. 2. It allowed 'covered' institutions the opportunity to take additional steps to not only create and operationalize their programs, but to spend time making those programs efficient and in line with business and regulatory objectives. In the spirit of information gathering and sharing, we at Experian are conducting a quick survey to gauge how 'helpful' the May 1, 2009 extension was to your organization. We're also trying to informally keep our finger on the pulse of market readiness, as the enforcement deadline is upon us. Via the link below, please take about 60 seconds to answer a few questions that will help us better understand the current state of the market's Red Flags Rule readiness. Experian Red Flags Survey We certainly appreciate your time.
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I encourage all of you to have a look at this newly launched Federal Trade Commission Web site dedicated to the Red Flags Rule guidelines. It is a good resource to that organizes the requirements of the Rule in a user-friendly manner. It also looks to be an ongoing resource for the posting of updates and related commentary. I suggest you make this site one of your bookmarks today: The Federal Trade Commission has launched a Web site to help entities covered by the Red Flags Rule design and implement identity theft prevention programs. The Rule requires “creditors” and “financial institutions” to develop written programs to identify the warning signs of ID theft, spot them when they occur, and take appropriate steps to respond to those warning “red flags.” Of particular interest, is the "Read the Guide" tab, where you can view and download the new FTC guide to Red Flag Rules. For those in the telecommunications and utilities spaces, check out the "Publish the Articles" tab where you will find two bulletins on Red Flags in these arenas. Enjoy.