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LexisNexis® Risk & Information Analytics Group can help you address requirements set forth under the Identity Theft Red Flags rules.
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Identity Theft Red Flags Rules
The Federal Trade Commission and federal financial institution regulatory agencies released final rules on identity theft "red flags", which call for financial institutions and creditors to adopt written identity theft prevention programs. The regulations, also called Identity Theft Red Flags Rules, implement part of the Fair and Accurate Credit Transactions (FACT) Act of 2003.
LexisNexis® Risk & Information Analytics Group can help you address specific components of this new regulation, as well as respond appropriately to red flags once they are raised. In addition, our solutions can supplement your existing anti-fraud, customer identification (CIP) and/or Know Your Customer (KYC) programs.
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What Are Red Flags?
On a basic level, red flags alert you to circumstances that signal a potentially high risk situation. Compliance professionals have compiled lists of red flags for several purposes: as indicators of potential money laundering, fraud, suspicious activity, illegal export transactions, etc. In the guidance to this new regulation, the agencies compiled a list of red flags that signal the potential existence of identity theft. |
Examples of red flags provided by the regulatory agencies:
Personal identifying information provided is inconsistent when compared against external information sources used by the financial institution or creditor.
For Example:
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The address does not match any address in the consumer report; or
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The Social Security Number (SSN) has not been issued, or is listed on the Social Security Administration’s Death Master File.
Personal identifying information provided by the customer is not consistent with other personal identifying information provided by the customer. For example, there is a lack of correlation between the SSN range and date of birth. |
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How LexisNexis® Identity Risk Management Can Help
LexisNexis® Risk & Information Analytics Group is uniquely situated to help you manage the risk of identity theft — including uncovering specific conditions considered to be "red flags" for, or the precursors to, identity theft.
While it may seem like just another compliance program to manage, LexisNexis® Risk & Information Analytics Group can help. Whether you need to create an entirely new compliance program or supplement processes you already have in place, LexisNexis® Risk & Information Analytics Group offers a variety of tools that can help you:
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Improve your business processes;
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Increase efficiencies; and
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Achieve better regulatory compliance.
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LexisNexis® Risk & Information Analytics Group provides solutions that enable organizations to manage multiple risks and efficiently respond to compliance needs, including the new Red Flags rules.
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