Agencies mandate ID theft plan
WASHINGTON, DC – The Federal financial institution regulatory agencies have issued a notice of proposed rulemaking (NPR) requiring financial institutions to develop and implement identity theft programmes.
The proposed rules, which implement Sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003 (FACT), include guidelines listing patterns, practices, and specific forms of activity that should raise a "red flag", signalling a possible risk of identity theft.
An identity theft programme would include policies and procedures for detecting, preventing and mitigating identity theft in connection with account openings and existing accounts. The programme would have to include
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