Federal Agencies Involved: Identity Theft "Red Flags" Program is issued by the Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC); Office of Thrift Supervision, Treasury (OTS); National Credit Union Administration (NCUA); and Federal Trade Commission (FTC).
Federal Identity Theft "Red Flags" Program Summary: It requires each financial institution to develop and implement Identity Theft Prevention Program to detect, prevent, and mitigate identity theft. Program must be able to identify, detect and respond to "Red Flags". Financial institutions must update the program and incorporate changes in risk profile at regular intervals. "Red Flag" is defined as a pattern, practice, or specific activity that indicates the possible existence of identity theft. Prevention & Mitigation is covered additionally. Program implements section 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act/USA).
Effective & Compliance Dates: Program took effect from January 1, 2008. Mandatory compliance date is November 1, 2008.
Our Recommendation: ReadiMinds' ReadiONE is Red Flags enabled! ReadiONE is a holistic, risk-based, Identity Theft & Online Financial Fraud Prevention Software Suite. It not only provides comprehensive software based "multi-factor user authentication", but also does "fraud detection" and risk-based "transaction verification". To reach us, please see our contact details below.
[Editor's Note: Financial institutions that are not covered under this "mandatory" program, may still like to implement it as the best practice - reducing their financial risk significantly.]
ReadiMinds is an emerging new generation software product company, with a proven and acknowledged track record of innovation and leading edge software solutions for financial and securities industry. Our ReadiONE: Right-Time Response System is the result of over 5 years of R&D, and is targeted for emerging new class of applications, requiring Right-Time Response to Prevent Losses and Optimize Opportunities!
ReadiONE is built ground-up using Event-Driven Architecture, Service-Oriented Architecture, Business Process Architecture, and Web Services standards.
ReadiMinds is Red Herring Asia 100 Finalist for 2007. ReadiMinds is also proud to be included and extensively covered in a book titled "Innovative Singapore Companies" [Publisher: IE, Singapore]. ReadiMinds has the distinction of being a pioneer and innovator in SOA technology in 2001, followed by BPEL in 2002 and CEP in 2004. ReadiMinds also received "CRN Test Centre Recommended" rating in 2005. ReadiMinds is also the founder member of Oasis Asia.
ReadiMinds is privately held and backed by premier investors from USA, Singapore, and Hong Kong. We serve our clientele from strategically located offices and business partners.
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