What is the Red Flag Rule?
Wednesday, November 26, 2008
Created by the U.S. Department of Treasury and the Federal Trade Commission, Section 114 of the Identity Theft Red Flags and Address Discrepancies under the Fair and Accurate Credit Transactions Act of 2003 (FACTA) was enacted in November 2007. The legislation requires each financial institution, bank or creditor that stores consumer accounts to develop specialized identity theft prevention programs.
These policies and procedures require solutions — which must now be implemented by all specified financial institutions that can identify patterns in consumer account behavior and flag those that could be of high risk.
The Hendrick organization and Hendrick Honda of Easley were quick to roll out training and certification of employees on processes developed to detect the patterns of account behavior which might indicate fraudulent activities. Programs such as this are seen as a benefit and not a burden.
"This falls right in to what we believe as a company; that is, creating an environment that customers can trust the people they do business with" said Marcus Sanders, Red Flag coordinator for Hendrick Honda in Easley SC. He added: "Every opportunity that we have to exercise professionalism improves our customers' buying experience which in turn creates repeat and referral business"
Anyone needing more information about the Red Flag rule and how it has been implemented at Hendrick Honda of Easley may contact Marcus Sanders, Red Flag co-ordinator at 864-855-1234
These policies and procedures require solutions — which must now be implemented by all specified financial institutions that can identify patterns in consumer account behavior and flag those that could be of high risk.
The Hendrick organization and Hendrick Honda of Easley were quick to roll out training and certification of employees on processes developed to detect the patterns of account behavior which might indicate fraudulent activities. Programs such as this are seen as a benefit and not a burden.
"This falls right in to what we believe as a company; that is, creating an environment that customers can trust the people they do business with" said Marcus Sanders, Red Flag coordinator for Hendrick Honda in Easley SC. He added: "Every opportunity that we have to exercise professionalism improves our customers' buying experience which in turn creates repeat and referral business"
Anyone needing more information about the Red Flag rule and how it has been implemented at Hendrick Honda of Easley may contact Marcus Sanders, Red Flag co-ordinator at 864-855-1234
