Tag: Red Flags

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Compliance and fraud prevention: Doing it right means ...

By: Ken Pruett The great thing about being in front of customers is that you learn something from every meeting.  Over the years I have figured out that there is typically no “right” or “wrong” way to do something.  Even in the world of fraud and compliance I find...

Read More Compliance and fraud prevention: Doing it right means taking it seriously
Why a Risk-Based Approach to Compliance?...

Many compliance regulations such the Red Flags Rule, USA Patriot Act, and ESIGN require specific identity elements to be verified and specific high risk conditions to be detected. However, there is still much variance in how individual institutions reconcile referrals generated from the detection of high risk conditions and/or...

Read More Why a Risk-Based Approach to Compliance?
Why a risk-based approach to compliance?...

Many compliance regulations such the Red Flags Rule, USA Patriot Act, and ESIGN require specific identity elements to be verified and specific high risk conditions to be detected. However, there is still much variance in how individual institutions reconcile referrals generated from the detection of high risk conditions and/or the...

Read More Why a risk-based approach to compliance?
Senate approves legislation to narrow scope of the Red...

The U.S. Senate passed legislation recently that would exempt certain businesses from complying with the Red Flags Rule.  Sponsored by Senator John Thune (R-SD), the bill (S. 3987) creates an exception to the Red Flags Rule for businesses that do not advance funds to a customer. The bill would,...

Read More Senate approves legislation to narrow scope of the Red Flags Rule
Red Flags Rule – just weeks until the FTC enforcement ...

As the December 31st deadline approaches for FTC enforcement of the Red Flags Rule, we still seem quite a ways off from getting out from under the cloud of confusion and debate related to the definition of ‘creditor’ under the statutory provisions. For example, the Thune-Begich amendment to “amend the...

Read More Red Flags Rule – just weeks until the FTC enforcement date of December 31. Well beyond that for clarity.
Advantages of hosted decisioning in Customer Informati...

In my last entry I mentioned how we’re working with more and more clients that are ramping up their fraud and compliance processes to ensure Red Flag compliance. But it’s not just the FACT Act Identity Theft Program requirements that are garnering all the attention.  As every financial institution is...

Read More Advantages of hosted decisioning in Customer Information Programs
The consumer’s responsibility in preventing iden...

Another consumer protection article in the news recently highlighted some fraud best practices for social networking sites. Click here to read the article. When I say fraud best practices, I mean best practices to minimize fraud and identity theft risk…not best practices for fraudsters. Although I wonder if by...

Read More The consumer’s responsibility in preventing identity theft
Small business owners suffer ID fraud at one and a hal...

By: Kristan Frend As if business owners need one more thing to worry about — according to the Javelin Strategy & Research’s 2010 Identity Fraud Survey Report, respondents who defined themselves as “self-employed” or “small business owners” were one-and-a-half times more likely to be victims of identity theft. Intuitively this...

Read More Small business owners suffer ID fraud at one and a half times the rate of all other adults
Red Flags Rule deadline slip continues to tarnish a pr...

Well, in my last blog, I was half right and half wrong.  I said that individual trade associations and advocacy groups would continue to seek relief from Red Flag Rules ‘coverage’ and resultant FTC enforcement.  That was right.  I also said that I thought the June 1 enforcement date...

Read More Red Flags Rule deadline slip continues to tarnish a pretty good idea.
June 1, 2010 Red Flags Rule Deadline is Just the Begin...

Well, here we are about two weeks from the Federal Trade Commission’s June 1, 2010 Red Flags Rule enforcement date.  While this date has been a bit of a moving target for the past year or so, I believe this one will stick.  It appears that the new reality...

Read More June 1, 2010 Red Flags Rule Deadline is Just the Beginning
Why a risk-based approach to compliance?...

Many compliance regulations such the Red Flags Rule, USA Patriot Act, and ESIGN require specific identity elements to be verified and specific high risk conditions to be detected. However, there is still much variance in how individual institutions reconcile referrals generated from the detection of high risk conditions and/or...

Read More Why a risk-based approach to compliance?
Response to reader about “Red Flags” Rule ...

On Friday, October 30th, the FTC again delayed enforcement of the “Red Flags” Rule – this time until June 1, 2010 – for financial institutions and creditors subject to the FTC’s enforcement.   Here’s the official release: http://www.ftc.gov/opa/2009/10/redflags.shtm. But this doesn’t mean, until then, businesses get a free pass.  The...

Read More Response to reader about “Red Flags” Rule enforcement