FTC Seeks Comment on Identity Theft Detection Rules

The Federal Trade Commission is seeking comment on whether the agency should make changes to rules requiring that financial institutions and creditors take certain steps to detect signs of identity theft affecting their customers.

Metadata
Provider: 
FTCFTC
URL: 
https://www.ftc.gov/news-events/press-releases/2018/12/ftc-seeks-comment-identity-theft-detection-ruleshttps://www.ftc.gov/news-events/press-releases/2018/12/ftc-seeks-comment-identity-theft-detection-rules
Retrieved on: 
Tuesday, December 4, 2018
Information
Tags: 
Identity documents, Identity theft, Red Flags Rule, Security, Security breaches, Corporate crime, Government, Federal Trade Commission, Crime, Red flag, Fair and Accurate Credit Transactions Act
Summary
Key Points: 
  • The Federal Trade Commission is seeking comment on whether the agency should make changes to rules requiring that financial institutions and creditors take certain steps to detect signs of identity theft affecting their customers.
  • As part of the Commissions periodic review of all its rules and guides, the FTC is seeking comment on whether any modifications should be made to the Red Flags Rule and the Card Issuers Rule.
  • The Red Flags Rule requires financial institutions and some creditors to implement a written identity theft prevention program designed to detect the red flags of identity theft in their day-to-day operations, take steps to prevent it, and mitigate its damage.
  • The questions on which the FTC is seeking comment include:
    Is there a continuing need for the specific provisions of the Rules?
Copyright: 
2018 FTC. All Rights Reserved.