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FTC enforcement of its Red Flags Rule on identity theft begins November 1, 2009.  Written under the authority of the Fair and Accurate Credit Transactions (FACT) Act of 2003, the Rule covers “creditors” and “financial institutions” with “covered accounts.” Firms covered by the Rule must develop and implement a written Identity Theft Prevention Program (ITPP) to detect, prevent and mitigate identity in connection with the opening and maintenance of covered accounts.  Given the worry that many customers have about identity theft, compliance with the Red Flags rule is not just good regulatory practice, it is an important step to retain the confidence of your customers as well.

With the enforcement deadline delayed for a third time to November 1, 2009, there is still time for firms to perform the analysis to understand if they fall under the Rule as creditors or financial institutions with covered accounts, and if so, to develop and implement a written Identity Theft Prevention Program.

Join us for this 60-minute webcast on October 22, 2009 as John Komoroske and Patricia Albrecht of the Financial Industry Regulatory Authority (FINRA) discuss who is covered by the new Rule and what firms have to do to write and implement an Identity Theft Prevention Program,  with illustrations from FINRA’s work with the brokerage industry.

Discussion Topics Will Include:
• The history of the Fair and Accurate Credit Transactions Act and the FTC’s Red Flags Rule on identity theft.
• What firms must comply with the Red Flags Rule? What are a “creditor” and a “financial institution?” What constitutes a “covered account?”
• What steps should a firm go through to develop an Identity Theft Prevention Program (ITPP)?
• Who has to approve and administer the ITPP?
• How does the ITPP relate to other customer information protections at the firm?
• How can a firm identify red flags relevant to its business by using the FTC’s list of red flags, combined with the firm’s own identity theft experience and the experience of similar firms?
• What are the ways a firm can detect the red flags that it identifies?
• What mitigation steps should a firm include when it detects a red flag?
• How does a firm handle outside service providers in its ITPP?
• What kind of reviews does a firm have to do under an ITPP?

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