New FTC Regulations Force Businesses To Adopt Identity Theft Prevention Measures by November 2008

The Federal Trade Commission, along with the OCC, FDIC, Federal Reserve and various other federal agencies, have issued a set of rules and guidelines to combat the proliferation of identity theft. These new “red flag” rules and guidelines mandate that all financial institutions and creditors — a category that is broadly defined — develop and implement an identity theft prevention program designed to detect, prevent, and mitigate the effects of, identity theft.

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