FTC extends Red Flag Rules deadline

The US Federal Trade Commission (FTC) has extended the enforcement deadline of the "Red Flag Rules" until June 1, 2010. 


Red Flags Rule requires all creditors and financial institutions that have “covered accounts” to have an identity theft prevention program to help identify, detect, and respond to patterns, practices, or specific activities – known as “red flags” – that could indicate identity theft. According to FTC, A "covered account" is an account used mostly for personal, family, or household purposes, and that involves multiple payments or transactions. "Covered accounts" include credit card accounts, mortgage loans, automobile loans, margin accounts, cell phone accounts, utility accounts, checking accounts, and savings accounts. A covered account is also an account for which there is a foreseeable risk of identity theft – for example, small business or sole proprietorship accounts.


If your organization has not started the compliance efforts, this is a good time to start.


Update: 


The how-to guide is available here http://www.ftc.gov/bcp/edu/pubs/business/idtheft/bus23.pdf