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FTC extends Red Flags Rule deadline for compliance
Thursday July 30, 2009
The Wall Street Journal (7/30, Pereira) reports, "The Federal Trade Commission has postponed a deadline for many of the nation's businesses -- including banks, public utilities and healthcare providers -- to comply with a controversial identity-theft prevention program." Under a program, called the Red Flags Rule, "companies and institutions would be required to establish a way to identify potential threats at the businesses, find ways of detecting such threats, and install measures to prevent them." The program "was to take effect Aug. 1, but will now be delayed until Nov. 1." The rule, "which grew out the 2003 Fair and Accurate Credit Transactions Act, requires compliance by any company or organization that bills customers after providing services." But, several groups "lobbied to be exempted from the rule, arguing, among other things, that instances of identity theft in their industries are rare." Companies that fail to comply with the rule may face "penalties of up to $3,500 per violation."
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