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#927315 - 03/20/08 08:00 PM Red Flag Rules regarding Debit/Credit Cards
Fork Ate Spoon Offline
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Fork Ate Spoon
Joined: Aug 2003
Posts: 2,261
Between Here and There
I went to a Fraud Committee meeting and the discussion geared towards Debit/Credit cards and their role in the new RF rules. Under the new rules your credit/debit card numbers and/or account number is listed on there along with a persons name, social, d.l. number, dob, ect.. Would that mean that if checks or a card were to be lost and misused that we should consider that to be Identity Theft? Should we then close those accounts and if so would we report those to CANS and file SAR's for Identity Theft? I mean people lose cards or claim "it wasn't me" and lose checks often but I don't consider that to be ID theft but under these rules it seems it may be? Thoughts?



Section __.90(b)(8) of the final rules adopts the definition of “identity theft” as proposed. The Agencies believe that it is important to ensure that all provisions of the FACT Act that address identity theft are interpreted in a consistent manner. Therefore, the final rule continues to define identity theft with reference to the FTC’s regulation, which as currently drafted provides that the term “identity theft” means “a fraud committed or attempted using the identifying information of another person withoutauthority.”19 The FTC defines the term “identifying information” to mean “any name or number that may be used, alone or in conjunction with any other information, to identify a specific person, including any—

(1) Name, social security number, date of birth, official State or government issued driver's license or identification number, alien registration number, government passport number, employer or taxpayer identification number;
(2) Unique biometric data, such as fingerprint, voice print, retina or iris image, or other unique physical representation;
(3) Unique electronic identification number, address, or routing code; or
(4) Telecommunication identifying information or access device (as defined in 18 U.S.C. 1029(e)).

Thus, under the FTC’s regulation, the creation of a fictitious identity using any single piece of information belonging to a real person falls within the definition of “identity theft” because such a fraud involves “using the identifying information of another person without authority.”20

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#927316 - 03/20/08 08:02 PM Re: Red Flag Rules regarding Debit/Credit Cards Fork Ate Spoon
Fork Ate Spoon Offline
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Fork Ate Spoon
Joined: Aug 2003
Posts: 2,261
Between Here and There
At least I (and they) are assuming that number 3 is talking about debit,credit/account numbers..

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#928848 - 03/24/08 05:54 PM Re: Red Flag Rules regarding Debit/Credit Cards Fork Ate Spoon
corkygirl Offline
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Joined: Sep 2004
Posts: 4,241
middle of the country
That is my understanding also and I have heard the same thing from a couple of training sessions. I have to say that I struggle with that a little, it brings in a whole mess of ID theft what was never thought of as ID theft before. Such a 'fun new regulation'
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#929280 - 03/25/08 12:55 PM Re: Red Flag Rules regarding Debit/Credit Cards corkygirl
msuddarth Offline
Junior Member
Joined: Apr 2007
Posts: 33
I am struggling with the same idea that debit card fraud is identity theft. In many of our situations, they aren't using the person's actual card, they have skimmed the number and duplicated the card. They don't actually know anything about the person. They are stealing the person's money not their identity.

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#933678 - 04/01/08 03:03 PM Re: Red Flag Rules regarding Debit/Credit Cards msuddarth
smith Offline
Member
Joined: Jun 2004
Posts: 69
Nebraska
The definition referenced in (4) is even more specific to cards:

18 USC 1029 Fraud and related activity in connection with access devices

(e)(1) the term "access device" means any card, plate, code, account number; electronic serial number, mobile identification number, personal identification number, or other telecommunications service, equipment, or instrument identifier, or other means of account access that can be used, alone or in conjunction with another access device, to obtain money, goods, services, or any other thing of value, or that can be used to initiate a transfer of funds (other than a transfer originated solely by paper instrument);

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#934666 - 04/02/08 03:51 PM Re: Red Flag Rules regarding Debit/Credit Cards smith
WonderWoman Offline
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WonderWoman
Joined: Mar 2007
Posts: 2,108
gone fishin'
I guess if someone skims your card or steals it, ... they are saying they are you when they use the card number assigned to you.

I can see where that would be identity theft.

you're right "Such a 'fun new regulation'"
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