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.
Use your program details to inform the development of an identity theft risk assessment for each covered account.
Based on known red flags and your organization’s history with identity theft, document the likelihood and potential damage of a covered account being opened or accessed fraudulently.
Review visual representations of your identity theft prevention program on a dashboard.
Evaluate useful insights into your red flags risk assessment, as well as a series of reports, designed to ensure your program does not contain any missing or incomplete data.
Develop and distribute an identity theft training course, based on the red flags and covered account details in your program.
Enroll an unlimited number of employees in online training and generate reports to show training completion and effectiveness.
Export your identity theft prevention program data in a variety of ways, including the full program document for your senior management, auditors, and examiners; an annual report template for the board of directors; and red flag checklists for your employees to reference while they are on the job.
These customizable documents are available in Microsoft Word and Adobe PDF formats.
The Tandem Identity Theft Prevention Program software includes the ability to:
The CoNetrix Tandem Identity Theft Prevention Program software is feature-rich, including: