This week, we start a series aimed at educating business about their legal responsibilities regarding protecting consumers’ private information.
First, some background: According to the Federal Trade Commission (the government organization charged with consumer protection), an estimated nine million Americans have their identities stolen each year. Identity thieves may drain accounts, damage credit, and even put medical treatment at risk. The cost to business — left with unpaid bills racked up by scam artists — can be staggering, too.
The Red Flags rule requires many businesses and organizations to implement a written identity theft prevention program designed to detect the “red flags” of identity theft in their day-to-day operations, take steps to prevent the crime, and mitigate its damage. The bottom line is that a program can help businesses spot suspicious patterns and prevent the costly consequences of identity theft.
The Federal Trade Commission (FTC) enforces the Red Flags Rule with several other agencies. Stay tuned over the next couple of weeks for our series detailing the rule.
For instant resources on identity theft protection, please visit www.hvshred.com