Block on Trump's Asylum Ban Upheld by Supreme Court
Starting on Dec. 31, 2010, the enforcement of the Federal Trade Commission's "red flags rule" is in effect. The FTC "red flags" rule mandates that specific businesses or organizations that are considered "creditors" must have a written identity theft program in place that is designed to detect "red flags" or possible warning signs of identity theft that may occur in the course of business, reports NHBR.com.
According to the FTC, the red flags rule dictates that there must be four elements in a business' program:
Fewer businesses will be affected by the new FTC rule, IFAwebnews reports. This is because the definition of what businesses fall under the term "creditor" has been narrowed. When the red flags rule was first introduced in 2007, any business that billed customers in arrears for services provided was considered a "creditor."
While the amount of businesses affected by this rule has been narrowed, it still helps for general counsels to be aware of which businesses are still affected. Park Avenue Presentations is holding a webinar on January 19, 2011 about everything you need to know about the FTC's red flags rule. For more general information, please visit our Related Resources links.