CDIA to Host Third Teleseminar on ID Theft Red Flag Rules

The Consumer Data Industry Association announced today that it has scheduled the third in a series of teleseminars on the upcoming Red Flag Rules that deal with identity theft. The latest one will be a 75 minute question and answer session on June 9 with Andrew Smith, partner at Morrison & Foerster. Smith is an expert on implementation issues dealing with the Rules and has served as counsel to numerous financial entities regarding data security and privacy issues.  CDIA’s previous two Red Flag sessions have attracted over 2500 participants.

The Federal Trade Commission delayed the Red Flag implementation date until August 1, in large part because many companies have questions about what it is and who is covered. Foremost among these is the question of whether they are defined as a “financial institution” and/or “creditor” which the Rules cover. Smith will expand on his previous coverage of the Rules to answer this and other questions such as:

• Determining if your organization is covered by the Rules;
• Determining if an account presents a “reasonably foreseeable” risk of ID theft; 
• Developing your Identity Theft Prevention Program;
• Administering and monitoring the effectiveness of your Identity Theft Prevention Program; 
• Preparing for a Red Flags Rules examination by a regulator.

However, the majority of the teleseminar will be devoted to answering the many detailed questions that companies still have about the practical implementation of the Red Flag Rules. All participants will receive a list of the most frequently asked questions to date.

Also, if you missed the earlier teleseminars that had to do with Red Flags, CDIA is offering both sessions for download. Smith’s original Red Flag session provided a comprehensive look at the Rules and their impact. Jeffrey Kopchik, Senior Policy Analyst at the FDIC, provided an in depth analysis of how the regulator’s examination process would impact on Red Flag Rules. To sign up for either the June 9 teleseminar or download the previous two Red Flag sessions, please click here. The June 9 teleseminar has a limited number of availabilities so interested parties should act soon.