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Enforcement
Deadline
August 1st
2009
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Motorcycle & Motorsports Industry
Something Had to be Done ... The expression "red flag" signals "Danger: Be alert to problems ahead." For millions of consumers every year, identity theft is more than a threat - it's their reality. Businesses often bear the biggest part of the monetary damage from identity theft. Also the economic, psychological, and emotional harm to victims can be devastating. When the identity theft involves personal and financial information, the consequences can be particularly severe and lasting long after the financial issues are taken care of. What is the Rule? The Identity Theft Red Flags rule implements section 114 of the Fair and Accurate Credit Transactions Act (FACTA). To combat identity theft, the Identity Theft Red Flags rule requires all businesses, financial institutions and creditors that extend or arrange credit or create consumer accounts to develop and implement a written identity theft prevention program. It is the final Rule on Identity Theft Red Flags and Address Discrepancies under the Fair and Accurate Credit Transactions Act of 2003, as published in the Federal Register, Vol. 72, No. 217, on Friday, November 9, 2007. Under the Red Flags rule, which became mandatory on November 2, 1008, certain businesses and organizations - including motorcycle dealerships, cycle repair shops, and other motorsport industry providers - are required to spot and heed the red flags that often can be the telltale signs of identity theft. To comply with the new Red Flags rule - enforced by the Federal Trade Commission (FTC), the federal bank regulatory agencies, and the National Credit Union Administration (NCUA) - cycle sops, riding centers and dealerships must develop a written "red flags program" to prevent, detect, and minimize the damage fro identity theft to their business, their vendors and creditors and their consumers. Who is Covered by the Rule?
The Rule mandates that each entity:
 In addition, your program must spell out how it will be administered. The program should be appropriate to the size and complexity of your company or organization, as well as the nature of your operations. What is the Compliance Deadline? The mandatory compliance deadline is November 1, 2008. What Does it Cost to Comply? It could cost your Motorcycle Dealership hundreds of hours and thousands of dollars to develop a program, but with Ifida Known Enterprises, our knowledge, expertise, dedication and assistance saves you the time, hassle and headache of putting it all together.
What are the Consequences? Non-compliance penalties can include:
You can comply easily and quickly with I.K.E.'s Motorcycle Industry Red Flag program. this one-stop solution allows you to quickly get compliant and stay compliant in just 3 easy steps. With our specialized training and unique backgrounds in privacy, safety, security, identity theft, asset protection and loss prevention, our team delivers an unprecedented Red Flags Program designed specifically to fit each of your individual sales locations while giving your staff, employees and dealership tem specialized insights to this emerging issue.
Comply Now - We'll Help |
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   info@ifidaknown.com |
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