Assurant Specialty Property and National ID Recovery (NIDR) have launched a Red Flag ID fraud detection, notification and protection program for financial institutions and credit unions.
Red Flag ID Fraud Solutions is a collaborative identity theft solution created in response to the need for all financial institutions to comply with the Fair and Accurate Credit Transactions Act of 2003 (FACTA) Identity Theft Red Flag Rules by Nov. 1, 2008.
Dawn Lamnin, vice president, Direct Marketed Products, for Assurant Specialty Property, said that Red Flag ID Fraud Solutions Program meets or exceeds all of the new federal requirements. “It also provides customers the option to take advantage of additional benefits such as family identity theft monitoring, preventive identity theft software, legal services, tax services, and many other identity and credit protection tools.”
Red Flag ID Fraud Solutions also provides financial institutions with data breach resolution services with no annual retainer fee. If a financial institution experiences a direct breach of data information, the program provides regulatory consulting, breach notifications to customers, a dedicated 800 line and call center support, and resolution and recovery service for all affected customers.
Section 114 and 315 of the FACTA, also known as the Red Flag Rules, require that all financial institutions, and creditors that hold any customer transaction accounts, offer basic, complimentary identity theft protection to all new and existing account holders within their portfolios. Affected institutions must provide for the identification, detection and response to “red flags” that could indicate identity theft.
Effective Jan. 1, 2008, The Federal Trade Commission (FTC), federal bank regulatory agencies, and the National Credit Union Administration (NCUA) and FACTA mandate that all financial institutions and creditors be Red Flag Rules compliant by Nov. 1, 2008.
Additional information on the Red Flag legislation can be found at the FTC’s Web site at www.ftc.gov/bcp/edu/pubs/business/alerts/alt050.shtm.
Assurant Specialty Property, part of Assurant Inc., is a provider of specialty insurance and collateral protection programs. NIDR is a provider of identity theft solutions to consumers.
Source: Assurant Specialty Property,
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