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FTC Again Delays Red Flags Rule Enforcement Deadline: Expert Commentary Available

Posted on: Monday, 2 November 2009, 08:32 CST

SCOTTSDALE, Ariz., Nov. 2 /PRNewswire/ --

WHAT:

The Red Flags Rule, under the Fair and Accurate Credit Transactions Act (FACTA), mandates that the U.S. Federal Trade Commission develop regulations requiring financial institutions to address the risk of identity theft.

The enforcement of the Red Flags Rule has been delayed for fourth time, putting consumers and business at an extended period of risk, especially as the U.S. and global economy fights to emerge from a economic crisis and time of financial market dislocation. The Rule was scheduled to take effect for all applicable businesses by Nov. 1, 2008. Companies outside the financial sector have received three extensions, most recently pushing the deadline from the first day of August to Nov. 1, 2009.

The Red Flags Rule will require that banks and creditors implement written identity theft prevention programs to help identify, detect, and respond to patterns, practices, or specific activities -- known as "red flags" -- that could indicate identity theft.

WHO:

Adam K. Levin, Chairman, Identity Theft 911

Matthew Cullina, Chief Executive Officer, Identity Theft 911

Eduard Goodman, Chief Privacy Officer, Identity Theft 911

WHEN:

Available for interviews immediately

MORE INFO:

More information is available at www.identitytheft911.org; and www.ftc.gov/redflagsrule

FOR PRESS INTERVIEWS:

• Andrew Worob, Ruder Finn, (212) 715-1536, woroba@ruderfinn.com
• Christopher Bacey, Identity Theft 911, (732) 951-8221, cbacey@identitytheft911.com
  

SOURCE Identity Theft 911

Source: PR Newswire

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