Red Flags rule: Unclear guidance biggest challenge

The Red Flags rule, issued by the Federal Trade Commission and federal banking regulators last October, took effect Jan. 1. It requires financial institutions and creditors to have policies and procedures for spotting red flags that indicate possible identity theft, and systems for thwarting the crime in connection with new and existing accounts. The regulation implements Sections 114 and 315 of the Fair and Accurate Credit Transactions Act (FACTA) of 2003. With the Nov. 1 deadline for compliance looming, SearchFinancialSecurity.com asked Mark Steinhoff, national financial services lead and principal at Deloitte & Touche LLP's security and privacy services, for insight into the rule and how organizations can handle the new requirements.

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