If you have ever been a victim of identity theft, or wondered how identity thieves are caught, a little information about a concept called the red flags rule might be just what you need.
Generally speaking, the red flags rule is a guideline implemented by the Federal Trade Commission (FTC).
It helps businesses identify identity theft, and gives the business a template to follow in most cases.
Under the FTC’s red flag program, businesses are given guidelines that will allow them to effectively deal with the problem of identity theft.
It’s important for everyone who’s involved in identity theft prevention to understand that there’s more to preventing the theft of information than catching it when it occurs.
Instead, there should be a concerted effort to prevent important information from falling into the hands of thieves.
This involves steps such as ensuring that credit card information obtained is kept secure and out of the hands of those who might take advantage of the data.
Fortunately, the FTC provides considerable amounts of information that’s relevant to catching identity thieves as outlined in the red flag rules.
By ensuring that employees are aware of these issues, you are doing your part to stop a worldwide problem.
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I noticed that when this law went into effect, a lot of the horrific stories you would hear about identity theft went away. Before identity theft was a recognized crime, the banks and credit card companies just wouldn't believe the victims. People suffered enormously because the institutions could not grasp the idea that hackers could use victims' identities to commit fraud.
I find it really gratifying that the credit card companies and banks are being much more diligent and proactive now, thanks to this law.