Identity Theft Red Flags Rule Survey: Executive Summary
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.
