| OVERVIEW | The Federal Trade Commission has issued an amendment to the Fair and Accurate Credit Transactions Act of 2003 effective November 1, 2008, which requires colleges and universities acting as “creditors” with “covered accounts” to adopt and implement a written, duly approved policy that addresses Identity Theft for new and existing accounts. |
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| Purpose | The purpose of this policy is to comply with the Federal Trade Commission regulations relevant to 16CFR 681.2 and The Red Flags Rule under section 114 and 315 of the Fair and Accurate Credit Transactions Act amended the Fair Credit Reporting Act. |
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| Delegated responsibility | The policy will be administered by ... |
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| Requirements | The Red Flag Rule requires the University to establish policies and procedures for each program that addresses processes for dealing with identity theft prevention. The policy and procedures must address the following:
1. Identify relevant “red flags” and incorporate them into the program for new and existing covered accounts;
2. Detection of “red flags” incorporated into the program;
3. Respond to “red flags” to prevent and mitigate adverse occurrences of identity theft;
4. Update the program periodically to reflects changes in risks; Obtain approval of the initial written program or an appropriate committee designated by the Board of Regents; and
5. Staff training as necessary to effectively implement the program. |
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