This guide provides an overview of the Fair Credit and Reporting Act Red Flags rule and gives step-by-step guidance on how businesses may develop a program to comply with the law's requirements. Links to additional resources for developing an Identity Theft Prevention Program are included.
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The Red Flags Rule seeks to prevent identity theft, too, by ensuring that your business or organization is on the lookout for the signs that a crook is using someone else's information, typically to get products or services from you without paying for them.
Missing documents that are fraud red flags include registration of motor vehicles, lists of sales and purchases, checkbooks, and inventory reports. When such records disappear, it may point to an undesirable situation that may lead to the loss of certain assets or money.
Unusual credit activity, such as an increased number of new accounts or inquiries and spending appear in the credit reports. Identification documents provided by the customer appears altered or forged. Photograph on ID card is inconsistent with the appearance of the customer present.
Appear to be forged or altered; Personal identifying information (i.e., photograph, physical description) on the identification does not match the individual presenting the information; Address or name does not match the information on the identification and/or insurance card(s), credit card(s), etc.
EXAMPLES OF RED FLAG INDICATORS. 1) Suspicious Documents: 2) Suspicious Personal ID Information: 3) Suspicious Activity: 4) Suspicious Medical Information: 5) Alerts from others, such as:
The "Red Flags" Rule, 16 C.F.R. § 681.2, requires "creditors" and "financial institutions" to develop written plans to prevent and detect identity theft.
In addition, we considered Red Flags from the following five categories (and the 26 numbered examples under them) from Supplement A to Appendix A of the FTC's Red Flags Rule, as they fit our situation: 1) alerts, notifications or warnings from a credit reporting agency; 2) suspicious documents; 3) suspicious personal ...
Missing documents that are fraud red flags include registration of motor vehicles, lists of sales and purchases, checkbooks, and inventory reports. When such records disappear, it may point to an undesirable situation that may lead to the loss of certain assets or money.
