First Data offers a host of solutions designed not only to help your financial institution become compliant with the Fair and Accurate Credit Transaction Act (FACTA) Red Flag Rule guidelines, but also to help you stand apart from the competition as a leader in protecting consumer information from fraud and risk. This document shares ideas on how you can detect, prevent and mitigate identity theft to your covered accounts.
FACTA was signed into law on December 4, 2003. On January 1, 2008, the FACTA Red Flag Rules went into effect, requiring each financial institution or creditor to implement a written Identity Theft Prevention Program by November 1, 2008.
FACTA requires financial institutions and creditors to develop and implement a written identity theft prevention program to detect, prevent and mitigate identity theft. As a financial institution or creditor, you are ultimately responsible for complying with the final rules and guidelines even if you outsource an activity to a third-party provider.