Going overboard?

Published: April 17, 2009 by Keir Breitenfeld

We’ve stopped taking phone applications and are using the out-of-wallet questions for Internet credit applications. Are we going overboard?

The Red Flags Rule does not preclude phone applications or otherwise limit the manner in which you m ay accept applications for covered accounts. However, different methods to open covered accounts present different identity theft risks, and you must consider those differing risks in identifying the relevant Red Flags for each type of covered account that you provide.