Identity Theft Red Flags Rule Survey: Executive Summary

Identity Theft Red Flags Rule Survey: Executive Summary More ID Theft Red Flags Survey Resources Only half of U.S. banking institutions will beat the Nov. 1 deadline for compliance with the Identity Theft Red Flags Rule.

This is the key finding of a new survey aimed at gauging the success of institutions' efforts to meet the terms of the new regulatory mandate. An even 50% of institutions surveyed say they are close to compliance and will beat the Nov. 1 deadline. A combined 47% say they either will barely meet the deadline, won't make it or don't know. Only 3% of respondents say they are already completely compliant.

The survey also tackles such topics as:

  • How institutions have approached Red Flags compliance (with in-house resources and/or third-party service providers);
  • Greatest successes and challenges;
  • How they will manage the programs going forward;
  • Metrics for success;
  • Red Flags compliance efforts of key banking vendors.

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