Item 4MItem 4M Approval of Identity Theft Prevention Program
October 7, 2008
Identity Theft Program
Federal Trade Commission issued the “Red Flags Rules”
Develop and implement written identity theft prevention program
Effective November 1, 2008
Who must comply?
Financial institutions
Bank
Savings and loan association
Credit Union
Creditor
Finance companies
Automobile dealers
Cell phone accounts
Utility accounts
Identity Theft Program
Creditors must develop written program
Identifies and detects warning signs or “red flags” of identity theft
Preventing and mitigating identity theft
Managed by BOD or senior staff
Appropriate staff training
Questions ? Sharen Jackson 817.748.8042