Red Flags Rule Policy for Financial Institutions | USA

Institute a Red Flags Rule Policy to establish an Identity Theft Prevention Program (ITPP) with this easy-to-use template for USA financial institutions and creditors.

• The program is being established to identify, detect, prevent and mitigate identity theft in connection with customer accounts, in compliance with Part 681 of Title 16 of the Code of Federal Regulations (Fair Credit Reporting Act).
• The ITPP will establish a set of procedures to be followed by all staff to ensure that they immediately respond to any red flags, such as discrepancies in address information, unauthorized access attempts and suspicious account activity.
• The program and procedures will be reviewed and updated annually and on an ongoing basis, and all staff will be trained and retrained in implementation of those procedures.
• Third party service providers will be required to comply with the requirements of the program.
• The template includes a copy of the Federal Trade Commission 26 Red Flag Rules.
• The Red Flags Rule Policy for Identity Theft Prevention template is for US-based financial institutions and creditors. It is available as a fully editable Microsoft Word document.