Your Site for “Red Flag Rules” Information and Solutions

It benefits both you and your account owners to implement a program to comply with the FACT Act’s Red Flag Rules right away. And, your implementation process and workflow can be simplified with the right tools and information. So, don’t wait for the countdown to get any lower!

By working with Wolters Kluwer Financial Services, you gain trusted, convenient, and practical advantages to help you develop your policies, train your staff, and implement the solutions you need for a strong Identity Theft Program.

On this site, you can find news and information; policy development products; program development assistance; staff training; and software, and paper solutions for your workflow so you can knowledgably and quickly comply with the regulations.

Banking regulators issued final regulations—with a mandatory compliance date of November 1, 2008—to implement Section 114 and 315 of the Fair and Accurate Credit Transactions (FACT) Act.

There are three new regulations.

One that requires financial institutions or creditors to develop and implement an Identity Theft Prevention Program in connection with both new and existing accounts. The Program must include reasonable policies and procedures for detecting, preventing, and mitigating identity theft;

Another that requires users of consumer reports to respond to Notices of Address Discrepancies that they receive; and

A third that places special requirements on issuers of debit or credit cards to assess the validity of a change of address if they receive notification of a change of address for a consumer’s debit or credit card account and, within a short period of time afterward they receive a request for an additional or replacement card for the same account.

View the official regulation to learn more.