Question: We ask for two forms of ID now for opening accounts. Is that sufficient as it pertains to the Red Flag Ruling?
Answer: The Red Flag ruling was created to address identity theft and fraud in all its predominant forms as it pertains to financial institutions. Therefore, relying on easily forged documents for verifying the identity of the new account holder is using yesterday's authentication methods against today's criminals, and has been proven ineffective.
Secure Identity Systems is the only company in the U.S. that offers the end-to-end solution for Red Flag compliance including: Initial Risk Assessment, Policies and Procedures Manual, New Account Authentication, Change of Address Verification, Identity Theft Protection with fully managed recovery, On-site Staff Training, and an Anti-Phishing Program with site take-downs. For more information, visit us online at www.secureidentitysystems.com, or contact us by phone: (615) 377-7661 or e-mail: bansley@secureidentitysystems.com.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
