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:3/30/2017)... -- Trends, opportunities and forecast in this market to ... AFIS, iris recognition, facial recognition, hand geometry, vein recognition, ... industry (government and law enforcement, commercial and retail, health ... and by region ( North America , ... , and the Rest of the World) ...
(Date:3/27/2017)... , March 27, 2017  Catholic Health ... and Management Systems Society (HIMSS) Analytics for achieving ... Adoption Model sm . In addition, CHS previously ... U.S. hospitals using an electronic medical record (EMR). ... its high level of EMR usage in an ...
(Date:3/23/2017)... The report "Gesture Recognition and Touchless Sensing Market by Technology (Touch-based ... to 2022", published by MarketsandMarkets, the market is expected to be worth USD ... 2022. Continue Reading ... ... ...
Breaking Biology News(10 mins):
(Date:10/11/2017)... ... October 11, 2017 , ... ... has granted orphan drug designation to SBT-100, its novel anti-STAT3 (Signal Transducer and ... of osteosarcoma. SBT-100 is able to cross the cell membrane and bind intracellular ...
(Date:10/10/2017)... 2017 International research firm Parks Associates announced today ... the TMA 2017 Annual Meeting , October 11 in ... home security market and how smart safety and security products impact the ... Parks Associates: Smart Home Devices: ... "The residential security market has experienced ...
(Date:10/9/2017)... Jupiter, FL (PRWEB) , ... October 09, 2017 , ... ... episode, scheduled to broadcast first quarter 2018. American Farmer airs Tuesdays at 8:30aET on ... Agriculture industry is faced with the challenge of how to continue to feed a ...
(Date:10/7/2017)... ... October 06, 2017 , ... ... its ProxiMeta™ Hi-C metagenome deconvolution product, featuring the first commercially available Hi-C ... software to perform Hi-C metagenome deconvolution using their own facilities, supplementing the ...
Breaking Biology Technology: