Agencies Issue Final Rules on ID Theft Red Flags

Banking Institutions Have One Year to Comply

Identity Theft

By this time next year, all U.S. financial institutions will be required to have implemented an Identity Theft Prevention Program.

This is the mandate from Washington, D.C., where six federal agencies this week issued the Final Rules on Identity Theft Red Flags and Notices of Address Discrepancy. These final rules implement sections 114 and 315 of the Fair and Accurate Credit Transactions Act (FACTA) of 2003.

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