Identity Theft Red Flags and Address Discrepancies under the Fair and Accurate Credit Transactions Act of 2003

Federal Reserve Board (FRB)Identity Theft

The Agencies are proposing Red Flag Regulations that adopt a flexible risk-based approach similar to the approach used in the "Interagency Guidelines Establishing Information Security Standards" issued by the Federal banking agencies (FDIC, Board, OCC and OTS), the "Guidelines for Safeguarding Member Information" issued by the NCUA, and the "Standards for Safeguarding Customer Information" issued by the FTC, (collectively, Information Security Standards), to implement section 501(b) of the Gramm-Leach-Bliley Act (GLBA), 15 U.S.C. 6801.

Under the proposed Red Flag Regulations, financial institutions and creditors must have a written Program that is based upon the risk assessment of the financial institution or creditor and that includes controls to address the identity theft risks identified.

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