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New FTC Mandate Likely to Catch Many by Surprise

Anti-identity theft rule applies to any company that extends credit to customers

By Dave Lindorff | Updated on August 18, 2009

Barring further delays, beginning Nov. 1 all financial institutions and any company that extends credit to customers, even in the form of multiple-month payment plans, will be required to establish centralized anti-fraud procedures and systems under the Federal Trade Commission’s new Red Flags Rule.

Facing a growing wave of identity theft, the FTC wants companies to pay more attention to establishing the identity of customers and credit recipients, and to put in place a system to flag theft attempts early. “Identity theft has been the No. 1 consumer complaint at the FTC for years now,” says Manas Mohapatra, an attorney with the agency’s division of privacy and identity protection.

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