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Move from compliance to governance with RSA's Information Risk Management solutions and services and comply with the new FACTA "Red Flags" guidelines quickly.
Recent updates to the Fair and Accurate Credit Transactions Act (FACTA) of 2003 mandate that U.S. financial institutions and creditors must comply with the Identity Theft Red Flag provisions by November 1, 2008.
The ruling issued by the Federal Trade Commission (FTC) and 5 Federal bank regulatory agencies applies specifically to Section 114 of the FACTA Identity Theft Red Flags and addresses an array of accounts, organizations, and consumers, including:
- Retail and business customers
- Existing and new accounts
- Financial institutions and creditors
The FACTA final rules and guidelines implemented in Section 114 of FACTA call out 5 categories of Red Flags which illustrate the types of activities that need to be identified:
- alerts, notifications or warnings from a Consumer Reporting Agency
- suspicious documents
- suspicious personal identifying information
- unusual use of, or suspicious activity related to, the covered account
- notice from customers, victims of identity theft, law enforcement authorities, or other persons regarding possible identity theft in connection with covered accounts held by the financial institution or creditor
RSA recommends implementing security best practices and technologies within an Information Risk Management strategy. To mitigate the risk of identity theft for your customers, RSA's product portfolio helps financial institutions and creditors to detect Red Flags, comply with the FACTA rules, and promote proactive IT security governance with the following capabilities:
- RSA Identity Verification helps financial institutions and creditors obtain identifying information about a person and to verify a person's identity
- RSA Adaptive Authentication enables financial institutions and creditors to authenticate customers for access to information
- RSA Transaction Monitoring enables financial institutions and creditors to monitor transactions and accounts for evidence of identity theft
- RSA FraudAction empowers financial institutions and creditors to protect consumers who may inadvertently provide personal information to fraudulent websites
To the Point Video
Are you Ready for FACTA?
The "Red Flags" rules implements FACTA by requiring each financial institution and creditor that holds any consumer account, or other account for which there is a reasonably foreseeable risk of identity theft...
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