The world of technology is growing increasingly complex, and there are now Red Flags Rules that help consumers protect their identities from theft. What this means for your business is that if you are a financial institution or a creditor, you need to have a written program in place to help deal with the threat of identity theft.
It’s no longer enough to just protect your consumers’ private data. While this is still an important part of preventing identity fraud, you are now required to take these measures one step further. As part of the Fair and Accurate Credit Transactions Act of 2003, your business is required to have plans in place to detect, identify, and respond to “red flags.” These “red flags” are signs that an identity has been stolen and that there is fraudulent activity on an account.
At Guidance Consulting, we know that having the most comprehensive detection systems in place can help to minimize identity theft. The earlier you can detect it, the more you can do to stop it, to mitigate the damage, and to help prevent it from happening again. We will work with you to:
Develop a list of “red flags” for consumer data and accounts Make plans to mitigate the damage if there is fraud Secure your consumer data from theft Secure your customer logins and data access Develop regular reassessments of plans and procedures
We know that keeping your consumer data safe and allowing your customers the freedom to access their accounts safely and without fear is paramount to your business. We will take our experience and work with you to form a plan of action that is tailored to your individual company. With creative solutions for all of your IT security needs, Guidance Consulting can make it happen.