The Red Flags Rule: What You Need To Know

Sponsored By Grant Thornton LLP

Topics:

Compliance & Governance

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Abstract:

Companies that extend any sort of credit to customers must have plans in place to identify, detect and respond to attempts to use stolen identity information under the Red Flags Rule. After Aug. 1, 2009, any occurrence of identity theft exposes your organization to a Federal Trade Commission investigation. Although identity theft is a widespread and growing problem – the number of identity theft victims in the U.S. jumped 22 percent last year – many companies are unfamiliar with this rule and thus, risk not being prepared for the fast-approaching deadline.

The rule lists 26 possible red flags, but the burden of determining how someone could steal from you is ultimately yours. Grant Thornton's new paper, The Red Flags Rule: What you need to know, can help your organization understand the rule’s requirements, determine whether it applies and if so, develop a compliance strategy. This paper also offers do’s and don’ts and explores the nuances of the rule.

DETAILS

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Released: July 22, 2009

Length: 4 pages

Format: PDF (109 kb)

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