Monday, August 03, 2009

Identity Theft Criminals Get 3 More Months Delay In Red Flags

In a law originally slated to take effect 11/1/2008, the F.T.C. has again
delayed the beginning of enforcement for a third time. The latest delay
gives identity theft criminals an additional 90 days to operate without
impunity by businesses who are required to implement the F.T.C. written
anti-fraud regulations mandated by the 2003 F.A.C.T.A. law.

Apparently, according to the F.T.C., there is still confusion
over whichbusinesses are required to comply even though
the law has been around now for over 6 years & itself was
an amendment to the much longer standing Fair Credit
Reporting Act (F.C.R.A.) which also historically defines
what firms are included:

The Fair and Accurate Credit Transactions Act (FACTA)
“creditors” and “financial institutions” with
covered accounts to
implement programs to identify,
detect, and respond to the warning
signs, or “red flags,”
that could indicate identity theft.

Examples of the type of firms which are required to comply
  • Finance companies
  • Automobile dealers that provide or arrange financing;
  • Mortgage brokers
  • Utility companies
  • Telecommunications companies
  • Non-profit and government entities that defer payment for goods or services
  • Businesses that provide services and bill later, including many lawyers, doctors, and other professionals.
While it may be considered ambiguous by these firms whether they
should comply or not, to the credit of the F.T.C., a great wealth of
resources - even including a special website - was provided to bring
clarity and guidance for implementation.

Evidently, powerful lobbying organizations such as the
A.M.A. objected to the F.T.C.'s definition of them being
included as "creditors" as early as September, 2008
even though there has been a consistent pattern of
medical identity theft data breaches the past 3 years.

So, while the lobbyists and the regulators continue to do battle over
implementing very clear legal steps to protect all of us consumers
from continued identity theft, the criminals and financial fraudsters
have been given another green light signal to perpetrate illegal
activities all the while knowing there is not much real commitment
by our government to wage an all out war against them.

As a result, our tip for today is to take matters under your own
control - especially with
medical identity theft as this one of the
softest areas that identity thieves know they can
exploit as
"creditors" continue to delay or outright refuse to comply with
efforts specifically designed to close the loop holes
credit reporting and law enforcement
has been frustrated with
for years.

Get your medical identity theft & personal information profile
checked out today.

Finally, make sure to tell a friend or family member of this
important new
development in identity theft fraud prevention.