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News

Identity theft prevention alliance formed

Compliance Coach : 06 August, 2008  (Company News)
The ITRC and Compliance Coach reach agreement on partnership in the fight against identity theft
Compliance Coach has announced a partnership with the Identity Theft Resource Centre (ITRC) to jointly promote each other's services to combat identity theft and raise awareness among the business community for the need to comply with the FACT Act Identity Theft Red Flags Rule by November 1, 2008.

The Federal regulation imposes new responsibilities on businesses to prevent consumer identity theft. The impact is broad and the Rule affects every single bank, credit union, mortgage lender, auto dealer, credit card lender, payday lender, utility company, municipality, phone company, and any consumer or small business lender in the country.

Each affected entity must perform a risk assessment, identify covered accounts and applicable red flags, then map the red flags to detection and response procedures and implement a written identity theft prevention program. They must also train appropriate staff and update the program periodically and report on its effectiveness, at least annually. Failure to comply can lead to civil monetary penalties for each violation, regulatory enforcement action, private plaintiff lawsuits, negative publicity and loss of business.

Earlier this year, Compliance Coach launched CompliancePal, a user-friendly web-based software that uses a unique five-step system to facilitate compliance with the Red Flags Rule. The CompliancePal software enables companies to comply more quickly, and with less effort.

"We are honoured to partner with ITRC, the leading non-profit organization in the nation that assists both consumers as well as businesses in combating identity theft," said Sai Huda, chairman and CEO, Compliance Coach. "We look forward to working with the ITRC to furthering Red Flags compliance in the business community. Most businesses are not fully aware of the new regulation, or are behind in their compliance efforts. CompliancePal will get them into, and keep them in, compliance," continued Huda.

"Complying with the Red Flags Rule will be a challenging endeavor for most businesses. We are delighted to partner with Compliance Coach to raise the business community's awareness and introduce both of our companies' expert services to facilitate compliance and deter identity theft," said Jay Foley, Executive Director, ITRC. "CompliancePal is a timely, practical and cost effective compliance solution. We recognize this type of product as a viable tool for the business community," continued Foley.

CompliancePal, a web-based software, walks the user through a series of questions and produces: the required risk assessment; the mapping of red flags to appropriate detection and response procedures; the written program; the training materials; and the compliance status report, everything necessary to pass an audit.

The software is updated regularly to address new identity theft schemes and red flags so a company can easily update its identity theft program and maintain compliance. To use the solution, companies simply sign-up online and access the software via the Internet.

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