The Red Flags of Identity Theft for Financial Services


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Recently, Info-Tech Research Group investigated the requirements of section 114 of the Fair and Accurate Credit Transactions Act,otherwise known as the Red Flags rule. While understanding the requirements of the rule may be relatively simple, putting a protection program in place could be somewhat more complicated. The primary complicating factor is that the red flags themselves have not been categorically defined, meaning enterprises must interpret them. Fortunately, guidance is available.

Guide to the Categories of Red Flags

Red Flags are any thing that should raise a warning, for one reason or another. In this case, the warnings relate to potential identity theft. Since every business is different, even those of the same type, it is essentially impossible to provide a comprehensive list of Red Flags. What constitutes a problem for one enterprise may be a non-issue for another and vice versa. However, while the flags themselves cannot be defined, the categorical groups to which they belong, and examples, can be provided.

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Search Code: 7700
Published: July 15, 2008
Last Revised: July 15, 2008

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