The Red Flag Rule meaning
The Red Flag Rules, under the Fair and Accurate Credit Transactions Act of 2003, demands businesses and organizations to create and implement an Identity Theft Prevention Program (ITTP). The Identity Theft Prevention Program (ITPP) can detect, prevent, and mitigate the red flags of identity theft.
Identity theft is the unauthorized usage of another person's identifying information. Identifying information can mean any name or number that may be used to identify a specific person, like:
- Name, Social Security Number (SSN), date of birth, driver's license number, alien registration number, government passport number, company identification number, and tax identification number.
- Unique biometric data like fingerprints, voice prints, retina or iris images, and other physical representations.
- Distinctive electronic identification number, address, or routing code
- Telecommunication identifying information or access device