Series 24: Identity Theft Red Flags

Identity Theft Red Flags

In 2003 Congress enacted the Fair and Accurate Credit Transactions Act (FACT Act) to reduce identity theft at financial institutions. This Act required a group of regulatory agencies to develop and implement written guidelines for detecting and preventing identity theft in customer accounts. They were also directed to identify patterns and practices that indicate the possible existence of identity theft (red flags). The guidelines must be updated as often as necessary and must be consistent with the policies and procedures of the USA PATRIOT Act.

Since that time, the Dodd-Frank Act extended the scope of the Act to the securities industry. Regulation S-ID is the set of identity theft rules. Also known as the Identity