Reminder: FACTA Red Flag Rules become mandatory November 1, 2008. From the FTC’s website:
The Federal Trade Commission (FTC), the federal bank regulatory agencies, and the National Credit Union Administration (NCUA) have issued regulations (the Red Flags Rules) requiring financial institutions and creditors to develop and implement written identity theft prevention programs, as part of the Fair and Accurate Credit Transactions (FACT) Act of 2003. The programs must be in place by November 1, 2008, and must provide for the identification, detection, and response to patterns, practices, or specific activities – known as “red flags” – that could indicate identity theft.
See the FTC’s full “Business Alert” here: http://www.ftc.gov/bcp/edu/pubs/business/alerts/alt050.shtm