FTC Mandating Identity Theft Programs

The Stanley News and Press is reporting today that the FTC is now requiring municipalities to implement identity theft programs. The reason? Apparently utility companies and other similar municipalities are ranked third in the list of identity theft targets. Read the full story here.

This really seems to be more of an attempt to enforce compliance with the Red Flag Rules then anything. From the Merchants Information Solutions Red Flag Rules web page we can learn that the red flag rules are an initiative put in place by the "Fair and Accurate Credit Transactions Act (FACTA), Section 114 which states that all financial institutions and creditors must have a written plan to prevent, detect, and mitigate identity theft in relation to its new and existing covered accounts by November 1st, 2008."

When you think about it, it really just makes sense that the municipalities also take the same initiatives as the financial institutions. After all, to open an account with your local power company they want your name, address, phone number, social security number and many other pieces of personal information. Is it any wonder they are the number 3 target? This really is good news for us all.

Merchants' SmartIDentity+ line of identity theft products will help support your company's efforts to comply with these rules. Take a look at how we can help your company today and beat the November 1st deadline.