Identity theft has had a crippling effect on more than 9 million Americans, according to the Federal Trade Commission (FTC), and businesses that collect or hold identifying information report millions of dollars in annual losses as a result of these crimes.New identity theft regulations for creditors — which can include technology retailers, Internet service providers and telecommunications equipment/service companies, among others — come into effect on May 1, 2009.In order to prevent and properly report identity theft, safeguard data and ensure regulatory compliance, creditors should familiarize themselves with the FTC’s new identity theft red flag regulations as soon as possible. In response to an increase in consumer identity theft, President George W. Bush signed the Fair and Accurate Credit Transaction Act (FACT) into law on Dec. 4, 2003. FACT added several new provisions to the Fair Credit Reporting Act of 1970, including a chief provision regarding the enhancement of the weapons consumers have in their arsenal for combating identity theft.On Oct. 31, 2007, the FTC, along with federal banking regulators, took the next step and published a final set of Red Flag regulations that put certain sections of FACT into effect. These regulations required all financial institutions and creditors to… Read full this story
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