Red Flag’ Regulations Require Financial Institutions and Creditors to Have Identity Theft Prevention Programs
"Financial institutions and creditors are now required to develop and implement written identity theft prevention programs under the new "Red Flags Rules."

The Red Flags Rules are part of the Fair and Accurate Credit Transactions (FACT) Act of 2003. Under these Rules, financial institutions and creditors with covered accounts must have identity theft prevention programs in place by November 1, 2008, to identify, detect, and respond to patterns, practices, or specific activities that could indicate identity theft..."