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PRESS RELEASE


Red Flag Compliance Software Solution

Assistance in Identity Theft Prevention


 
Waltham, Mass. - (September 8, 2008)--IdentityTruth, a leading provider of privacy and identity protection services, today announced that it is poised to help businesses impacted by the upcoming November 1, 2008 implementation of “Red Flag” compliance regulations.

The new regulations, as outlined in the Fair and Accurate Credit Transaction Act of 2003 (FACTA), are intended primarily to help consumers fight the growing crime of identity theft.

FACTA incorporates several provisions that require financial institutions, creditors, and other businesses that rely on consumer reports to detect and resolve identity theft fraud. It requires any business that uses consumer reports to develop and implement an Identity Theft Prevention Program in connection with both new and existing accounts. The program must include reasonable policies and procedures for detecting, preventing, and mitigating identity theft.

IdentityTruth offers solutions for industries covered by the FACTA legislation enacted by Congress. Companies that need to make provisions to prevent identity theft, improve resolution of consumer disputes, improve accuracy of consumer records, make improvements in consumer access to credit information can all be benefited by IdentityTruth’s solutions. Financial institutions and creditors implementing these programs can use IdentityTruth services to assess the risk of an individual’s identity to help these organizations resolve errors, protect their consumers, and reduce their risk.

“Congress has taken some important initial steps to ensure there are enforceable standards for privacy for consumer information,” said Steven Domenikos, CEO and Founder of IdentityTruth. “IdentityTruth can help companies to protect the consumer’s private information, a key component of the legislation.”

Banking, credit union, mortgage lenders, US branches of foreign banks, utility companies, car dealerships, telecom companies, health organizations, debt collectors and virtually any organization which arranges for the extension renewal or continuation of credit are impacted by the law. Companies must develop and implement written programs that specify how indications of identity theft will be detected and resolved during normal business operations. Additionally, many systems to deal with the Red Flags regulations are labor intensive and difficult for businesses to implement.

IdentityTruth combines data from many different sources beyond credit to detect suspicious activities, fraud schemes, credit requests, related data breaches and the individual’s specific profile, to present a more complete picture of a consumer’s identity risk - from credit information to SSN tracking. IdentityTruth utilizes and correlates information far beyond what is available through traditional solutions that focus primarily on the credit system to detect potential identity fraud before it happens. IdentityTruth provides the “Earliest Possible Notification,” enabling consumers to assess and recover from any identity-related problems before it’s too late.


SOURCE: IdentityTruth

 
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