FTC Deadline NOVEMBER 1 - Is your ID Theft "Red Flags" Plan in Place?

 

Arizona Mortgage Brokers Association

On November 1, 2009, the Federal Trade Commission's (FTC) Red Flag Rule goes into mandatory compliance for all Mortgage Brokers.

Do already have your written plan in place? 

It's important to understand that the Red Flag Rule is not a casual suggestion.  On November 1, 2009, it becomes law.  Here are some resources to help you get your program built, if you haven't already:

• Attend a free* 1-hour class at the OCTOBER 20 AAMB CONFERENCE
  
• Federal Trade Commission (FTC) - Fighting Fraud with the Red Flag Rule - A How-To Guide for Business.

Here are the basic four provisions of the statute:

1. Identify Relevant Red Flags - identify the red flags of identity theft you're likely to come across in your business.
2. Detect Red Flags - Set up procedures to detect those red flags in your day-to-day operations.
3. Prevent and Mitigate Identity Theft - If you spot the red flags you've identified, respond appropriately to prevent and mitigate the harm done..
4. Update your Program - the risks of identity theft can change rapidly, so it's important to keep our program current and educate your staff.

Once you have your plan in place, be sure to tell your clients what you've done to help protect their identity from theft and fraud!

*With purchase of full-day conference registration