Monday, November 2, 2009
Red Flags Rule entension proliferates medical identity theft
The rule was scheduled to be enforced for millions of businesses on November 1, 2008, but FTC enforcement has been extended on four separate occasions. The rule has been in effect for those financial institutions regulated by federal banking and credit union authorities since the original deadline. There has been controversy surrounding enforcement of the rule for other types businesses regulated by the FTC.
Under the law, businesses that allow customers to purchase goods or services on credit must take reasonable and appropriate steps to authenticate that they are extending credit to a real person and not an identity thief. San Francisco Examiner