This guide has two parts: Part A to help you determine whether your business or organization is at low risk, and Part B to help you design your written Identity Theft Prevention Program if your business is in the low risk category.
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Simply accepting credit cards as a form of payment does not make you a ?creditor? under the Red Flags Rule. But if a company offers its own credit card, arranges credit for its customers, or extends credit by selling customers goods or services now and billing them later, it is a ?creditor? under the law.
The Red Flags Rule requires specified firms to create a written Identity Theft Prevention Program (ITPP) designed to identify, detect and respond to ?red flags??patterns, practices or specific activities?that could indicate identity theft.
The Federal Trade Commission (FTC) enforces the Red Flags Rule with several other agencies.
In Anti-Money Laundering (AML) compliance, a red flag describes a warning sign that indicates the possibility of money laundering or other criminal activity. Red flags can include transactions involving companies in sanctioned jurisdictions, large volumes, or funds being transmitted from unknown or opaque sources.
The Red Flags Rule requires organizations to implement a written identity theft prevention program to help them identify any of the relevant ?red flags? that indicate identity theft in daily operations. The Rule also offers steps to help prevent the crime and to mitigate its damage.
Institutions are required to have a written identity theft prevention program (ITPP) to govern their organization and protect their consumers. What's a red flag? The FTC defines a red flag as a pattern, practice or specific activity that indicates the possible existence of identity theft.
The Red Flags Rules provide all financial institutions and creditors the opportunity to design and implement a program that is appropriate to their size and complexity, as well as the nature of their operations. The red flags fall into five categories: alerts, notifications, or warnings from a consumer reporting agency.
