On November 9, 2007, the Agencies jointly issued final rules and guidelines to implement Sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). These rules require financial institutions (banks, credit unions, trust companies, mortgage companies) and creditors to develop and implement a written Identity Theft Prevention Program to detect, prevent, and mitigate identity theft in connection with covered accounts. Additionally, the rules require financial institutions to establish policies and procedures to assess the validity of a change of address.
CoNetrix offers online software to help create your Identity Theft Prevention Program document, along with customizable employee training for Identity Theft Red Flags. Our software follows the FDIC, OCC, FRB, NCUA, and FTC (the Agencies) red flag rules and guidelines and enables you to efficiently create a complete Identity Theft Prevention Program.
The tandem Identity Theft Prevention Program software includes the ability to:
The CoNetrix tandem Identity Theft Prevention Program software is feature-rich, including: