Flag On The Play: Are You Ready For The Facta Red Flags Rule?

摘要

In December 2003, the Fair and Accurate Credit Transaction Act (FACTA), a set of amendments to the Fair Credit Reporting Act (FCRA), afforded broad new rulemaking authority to the Federal Trade Commission (FTC) and other federal agencies. The latest of the FACTA rules, known by regulators as the "Red Flags" rules, are aimed at promoting the detection, prevention and mitigation of identity theft. One of the most controversial features of the FTC's version of these rules is its scope. They generally apply to any entity that permits any type of deferred payment - and contain additional requirements for entities that establish accounts designed to permit multiple payments or transactions.