Navigation Links
NXG Strategies Launches Nation's First Website Dedicated to Red Flag Compliance
Date:1/3/2008

Financial Institutions and Creditors are Subject to Identity Theft Red Flag Legislation January 1, 2008 with a Mandatory Deadline of November 1, 2008

BRENTWOOD, Tenn., Jan. 2 /PRNewswire/ -- With only ten months to be in compliance with Section 114 of FACTA (Fair and Accurate Transactions Act), also known as the "Red Flag Rules," financial institutions and other creditors are scrambling to create a written plan for detecting and responding to transaction patterns and practices that could be signals of identity theft.

"We created this website, (http://www.redflagrules.net)" said Scott Smith, NXG co-founder and President, "to boil down the requirements of the Red Flag Rules into an easy to access format, and more importantly to provide practical insight on how to meet the requirements."

The joint task force consisting of regulators for both banks and credit unions, along with the Federal Reserve Board and the Federal Trade Commission put the final requirements of Red Flag on the fast track when it passed the final rules on October 31st. Its purpose is to create a national standard for organizations who manage customer accounts, requiring them to proactively look for evidence of identity theft and to act quickly to prevent or lessen the damage to consumers who may be victimized. They must also have a written plan for how they will detect each Red Flag and, when detected, how they will respond. This includes notifying the customer if any risk of identity theft is present.

For consumers this is an important step forward to defend against identity theft. For financial institutions and creditors it places additional responsibility for finding identity theft squarely on their shoulders. However, by finding identity theft earlier, and taking proactive steps to stop the damage, it should lessen financial losses to these organizations. According to a February 2007 Javelin Identity Fraud Survey Report, $49 billion dollars was lost to identity thieves in 2006.

Just weeks after the final regulations were announced on October 31st, NXG launched http://www.redflagrules.net to provide a quick resource for organizations that fall under the umbrella of the Red Flag Rules. In addition, NXG provides a look at what a "Best in Class" solution to Red Flag might include.

"We know what is under the covers," said Scott Smith. "At http://www.redflagrules.net we provide guidance on how to select a services provider so you will end up on the right side of compliance as it happens. And more is coming."

About NXG Strategies, LLC

As an independent consultant and one of the nation's pioneers and foremost authorities in the field of identity theft and corporate risk mitigation, NXG Strategies is the only company in the country that has built remediation programs from the ground up and yet remains independent of any solutions provider. For more information about NXG Strategies, LLC visit http://www.nxgstrategies.com and http://www.redflagrules.net.

Contact:

Sally King

615-656-4289

sallyking@nxgstrategies.com

This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com.


'/>"/>
SOURCE NXG Strategies, LLC
Copyright©2008 PR Newswire.
All rights reserved

Related biology news :

1. Researchers discover new strategies for antibiotic resistance
2. New book presents successful strategies for probing genetic variation
3. A genetic identity card for Plasmodium populations to improve control strategies
4. IdentiPHI Re Launches SAFmodule Software to Secure Novell(R) Networks
5. IdentiPHI Re Launches SAFmodule Software to Secure Novell(R) Networks
6. $22 million gift from Alfred Taubman launches new biomedical research institute
7. BioMed Central launches Biology Image Library
8. Arizona State University launches biofuel initiative with BP and Science Foundation Arizona
9. UW launches cutting-edge DNA fin-printing project for salmon
10. SLIM Search Launches Academic Pricing Program
11. EMD Serono launches easypod, new electronic growth hormone injection device
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/21/2017)... Der weltweite Biobanking-Sektor wird bis zum Jahr 2018 ... mehr als 50 Vertretern aus verschiedenen Branchen wurde aber klar, ... Prognose zu realisieren. ... Zu den Schwierigkeiten für Biobanking-Profis ... die Biobank, die Implementierung Zeit sparender Technologien, ein besseres ...
(Date:2/14/2017)... 2017  Wake Forest Baptist Medical Center today announced Julie ... executive officer (CEO). Freischlag joins the medical center on ... , M.D., who last year announced that he would ... after leading it since 2008.   As ... Forest Baptist,s academic health system, which includes Wake Forest ...
(Date:2/13/2017)... Feb. 13, 2017 Former 9/11 Commission border ... Committee, Janice Kephart of Identity Strategy Partners, ... Donald Trump,s "Executive Order: Protecting the Nation From ... 2017):  "As President Trump,s ,Travel Ban, Executive ... now essentially banned the travel ban, it is important ...
Breaking Biology News(10 mins):
(Date:3/22/2017)... , March 22, 2017  UBM and ... to announce their extended partnership and the third ... headlined by the 21 st Annual MassMEDIC ... taking place May 3-4, 2017. ... Technology Association (ADVAMED) President and CEO, Scott ...
(Date:3/22/2017)... 22, 2017 Oramed Pharmaceuticals Inc. (NASDAQ: ... www.oramed.com ), a clinical-stage pharmaceutical company ... systems, announced today that Dr. Miriam Kidron ... presentation titled, "Oral Insulin for Diabetes Treatment: Bypassing ... Institute,s Oligonucleotide and Peptide Therapeutics (OPT) Boston Conference in ...
(Date:3/22/2017)... New York , March 22, 2017 ... is largely fragmented, states a research report by Transparency ... S.A., Pfizer Inc., Amgen Inc., and AbbVie Inc., accounted ... in 2015. The prominent players in this market are ... expand their product portfolio, which is likely to lead ...
(Date:3/22/2017)... /PRNewswire/ - FACIT announced a seed stage investment ... start-up created by FACIT focused on developing a ... with non-dilutive capital, achieves a targeted $3.0M financing ... Propellon to accelerate the nomination of a candidate ... entering a strategic partnership for clinical trials in ...
Breaking Biology Technology: