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News

Red Flag Rule Extension supported by EVS Management

Electronic Verification Systems : 17 November, 2009  (Company News)
EVS believes giving additional time for US businesses to conform to Red Flag rules of fraud prevention is the right thing to do in order to ensure better levels of compliance from the outset
Electronic Verification Systems (EVS) President and CEO Rick Tur has made a statement regarding EVS's continuing support of the Federal Trade Commission's (FTC) Red Flags Rule and all affected businesses. The FTC released an announcement late last month indicating that it would once again be postponing the enforcement of the Red Flags Rule, extending the deadline for affected businesses to reach compliance standards by June 1, 2010.

'The Red Flags Rule will be the first nationwide standard of fraud prevention to be implemented and enforced by the federal government,' Tur said. 'As a pioneer in the data verification and fraud prevention industry, EVS supports as much time as necessary for American businesses to establish thorough, detailed Red Flags detection and prevention procedures.'

Tur also stated that, 'while the proactive enforcement of the Red Flags Rule has been extended, all affected businesses still need to be compliant in order to protect themselves from potential fraud as well as possible legal ramifications.

When implemented, the Red Flags Rule will mandate the use of security procedures for all applicable financial institutions and creditors operating in the United States to detect, mitigate, report and prevent the signs of identity theft and business fraud.
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