Is The Government Carrying out Something To Protect You From Identity Theft?

The Federal Trade Commission (FTC) and the federal monetary institution regulatory agencies have sent to the Federal Register for publication final rules on identity theft red flags and address discrepancies. Lewes SEO SEO Service UK buy flags online. The final rules implement sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003.

According to a report of the Presidents Identity Theft Task Force, identity theft (a fraud attempted or committed using identifying information of one more individual without authority), results in billions of dollars in losses each and every year to people and companies.

The final rules require each and every financial institution and creditor that holds any consumer account, or other account for which there is a reasonably foreseeable risk of identity theft, to develop and implement an Identity Theft Prevention System for combating identity theft in connection with new and existing accounts. The Plan must contain reasonable policies and procedures for detecting, preventing, and mitigating identity theft and enable a monetary institution or creditor to:

Identify relevant patterns, practices, and certain types of activity that are red flags signaling possible identity theft and incorporate those red flags into the Program

Detect red flags that have been incorporated into the Program

Respond appropriately to any red flags that are detected to prevent and mitigate identity theft and

Make certain the System is updated periodically to reflect modifications in risks from identity theft.

The agencies also issued guidelines to assist financial institutions and creditors in developing and implementing a Program, including a supplement that provides examples of red flags.

The final rules also need credit and debit card issuers to develop policies and procedures to assess the validity of a request for a change of address that is followed closely by a request for an extra or replacement card. Contractor Accountants Cornhill Private Wealth Cornhill Private Wealth world flags for sale. In addition, the final rules demand users of consumer reports to develop reasonable policies and procedures to apply when they get a notice of address discrepancy from a consumer reporting agency.

The final rule-generating is issued by the Board of Governors of the Federal Reserve Program, the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Workplace of the Comptroller of the Currency, and the Office of Thrift Supervision. The final rules are effective on January 1, 2008. Covered monetary institutions and creditors ought to comply with the guidelines by November 1, 2008.

The government is carrying out its ideal to combat identity theft. Keeping one step ahead of the thieves by checking your cost-free credit report will ensure that no one has stolen your identity. Cakes Brides of North Texas pirate flags for sale. The government is doing what it can, but you are the initial line of identity theft defense.