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Banks ‘Largely Compliant’ with ID Theft Red Flags Rule, Says Regulator
By Brian Monroe
printAs many as 85 percent of banks have implemented adequate compliance systems aimed at rooting out identity thieves and limiting the number of data breaches, according to analysts. Under a January 2008 amendment to the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), financial institutions and other companies, including hospitals and law firms, must monitor for 26 ID theft red flags. Financial regulators have been examining bank programs as early as November while the enforcement deadline for other industries has been delayed until this fall. Overall, a "significant percentage of banks are in substantial compliance" with the red...
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