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ID Theft Red Flags Examination Procedures



Question: Last week the FDIC released the ID Theft Red Flags examination procedures, what can I expect during my examination?

Answer: Examiners will focus on three key areas, Red Flags Compliance, Address Discrepancies and Change of Address. Each institution should be familiar with the procedures to ensure compliance. The Examiner will review the following:

  1. Covered Accounts
  2. Compliance with other regulations that impact compliance with the Identity Theft Red Flags Rule
  3. Reports on compliance with the Red Flag Rules
  4. The institution's written Program
  5. Staff Training
  6. Vendor Management



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. For additional information, please call (615) 377-7661, or e-mail: bansley@secureidentitysystems.com.

First published on BankersOnline.com 10/27/08



First published on 10/27/2008

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