Today, the FTC and five other federal agencies jointly issued a set of Frequently Asked Questions (FAQs) to help financial institutions, creditors, users of consumer reports, and issuers of credit and debit cards comply with the identity theft Red Flag Rules that go into effect on August 1, 2009. The FAQs provide guidance on numerous aspects of the rules, including (1) types of entities and accounts covered; (2) establishing and administering an identity theft program; (3) address validation requirements; and (4) obligations of users of consumer reports upon receiving notice of an address discrepancy. The press release is available here. The FTC's Red Flag Rules website is here.
For more information on the Red Flag Rules, identity theft, and data security, please contact Susan Lyon.
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