FACT Act Training for Staff Identity Theft “Red Flags”. WHAT IS IDENTITY THEFT?. Under the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), Identity Theft means: “A fraud committed or attempted using the identifying information of another person without authority ”.
Identity Theft “Red Flags”
“A fraud committed or attempted using the identifying information of another person without authority”
*Identity Theft Resource Center
Multiple names associated with social security number (credit reports):
Credit report:Joe Doe DOB 2-7-67SSN: 294-12-1234
Your records indicate that you have:John Doe DOB 4-15-68
1. Identify red flags
2. Detect incorporated red flags
3. Respond to red flags to prevent and mitigate identity theft
4. Update the program periodically
Credit union must detect red flags that are incorporated into the program.