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New ‘red flag’ identity theft mandate takes effect in May

04/17/2009

If your organization sells products or services on credit, take note: May 1, 2009, is the deadline to comply with the identity theft requirements in the Fair and Accurate Credit Transactions Act. Dubbed the “red flag” rules, they require all financial institutions and creditors to create and implement a written program for “detection, prevention and mitigation” of identity theft of consumers’ data.

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