Including alerts to fraudulent activity, credit freeze notices and credit reports that are inconsistent with an individual's pattern of credit use. Notifications/Alerts/Warnings from Credit Reporting Agencies. Below are some commonly-occurring red flags: RFR's Supplement A identifies various types of common red flags. Also, keep in mind that technological and criminal methods often intersect, so you should keep abreast of changes to your organization's technologies. Lock down a firm understanding of the sources of red flags experienced in your organization. Analyze the different kinds of accounts your organization offers and determine how you open your organization's different accounts, how access is provided to the accounts, and any other information you know about identity theft with respect to your organization.

There are different kinds of accounts which come with their own different kinds of risk. Since the definition for red flag is so broad, keep the following in mind. The steps listed below will guide you in the creation of your organization's RFR program. This program is required to contain policies and procedures that lay out how your organization will identify red flags, how it will detect red flags, prevention and mitigation of identity theft and how it will update the program. To meet compliance with RFR, your organization must have a program in writing. Opening and accessing accounts are the points where identity theft is most likely to occur. The focus when looking at covered accounts is how covered accounts are opened and accessed.

Any other account that involves a reasonably foreseeable risk to the consumer of identity theft.

There are two types of covered accounts, and RFR applies to both new and existing accounts: This includes assignees that participate in credit decision-making.

Anyone who holds a consumer transaction account, either directly or indirectlyĬreditors are anyone who regularly extends, renews or continues credit, or arranges to perform any of these actions.

Those who want more specific guidance should consult the 26 illustrative examples of red flags listed in the RFR.

This is a broad definition that is intended to apply to as many practices, patterns and specific activities as possible. Red flags are patterns, practices or specific activities that indicate the possibility of identity theft. Below important definitions of these important terms: To fully understand RFR, it is important to understand how it defines certain terms.

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