Business Insight Zone

One of the reasons I love Twitter is that it gives me continual opportunities to learn from people who know waaaaaay more than I do about . . . okay, everything.

Case in point: my Twitter pal George Jenkins was talking about the “Red Flag Rules” that are about to go into effect in the United States, and when I asked “What’s that?” he was kind enough to point me to a couple of great sources. First, there’s this from the FTC:

New ‘Red Flag’ Requirements for Financial Institutions and Creditors Will Help Fight Identity Theft

Identity thieves use people’s personally identifying information to open new accounts and misuse existing accounts, creating havoc for consumers and businesses. Financial institutions and creditors soon will be required to implement a program to detect, prevent, and mitigate instances of identity theft.

The Federal Trade Commission (FTC), the federal bank regulatory agencies, and the National Credit Union Administration (NCUA) have issued regulations (the Red Flags Rules) requiring financial institutions and creditors to develop and implement written identity theft prevention programs, as part of the Fair and Accurate Credit Transactions (FACT) Act of 2003. . . .

Then there’s this, from George’s own blog, where he treats all kinds of issues related to identity theft:

The Red Flag Rules Deadline Fast Approaches

If you are a small business owner, this affects you. If you are a consumer, this compliance is important given the push to digitize patients’ medical records. If you are a consumer, it’s good to know about the Red Flag Rules, so you shop at retail businesses that properly protect the sensitive personal data they use. . . .

Be sure to follow the links of George’s post if you’re interested in learning more in this vein.

Thanks for educating me, George!

~

Photo by Federico, used under a CC-Share Alike license.

Category: Internet, Legal