Available from BankersOnline.com/tools 1 FACT ACT RED FLAG GUIDELINES.

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Presentation transcript:

Available from BankersOnline.com/tools 1 FACT ACT RED FLAG GUIDELINES

Available from BankersOnline.com/tools 2 Basics of Reg. V Originally about credit reporting FACT Act is only an amendment to the Fair Credit Reporting Act (FCRA) Effective date of most changes was December 1, 2004 Reg Flag items will be November 1, 2008 Enforced by the Federal Trade Commission Effects both Operations and Lending

Available from BankersOnline.com/tools 3 Red Flag Guidelines New program for detecting, prevention, and mitigation of ID Theft on a covered account. Applies to all creditors such as financial institutions, car dealers, insurance (life policies), mortgage companies. New address change procedures. New program to pull credit reports from GulfPak, including deposit accounts. Detailed steps to take if a Red Flag appears prior to opening an account.

Available from BankersOnline.com/tools 4 Red Flag (cont’d) What to do if someone asks for a replacement card following an address change. Training class on CoNetrix website. ID Theft – FACTA Procedures ID Theft Prevention Program ID Checking Guide 2008 ID Theft prevention items offered with Sisk Fraud Watch Plus Transaction Monitoring Service (logins, access, POS)

Available from BankersOnline.com/tools 5 Kroll Factual Data Credit reports can now be accessed directly through GulfPak via Kroll Factual Data. New ability to provide a consumer report from this website.  Both lending and CSR staff will pull credit reports.

Available from BankersOnline.com/tools 6 Fraud Alerts Initial Fraud Alert: –When a consumer asserts in good faith a suspicion that he/she has been or is about to become a victim of fraud. Alert goes on credit report for no less than 90 days. Extended Fraud Alert: –When a consumer submits an identity theft report to a credit bureau. Alert goes on credit report for 7 years. Active Duty Alert: –An alert for active duty military consumer. Alert goes on credit report for no less than 12 months.

Available from BankersOnline.com/tools 7 Fraud Alerts (cont’d) Credit Freeze: –When a consumer has the credit bureau block their account from being viewed. Must be completely removed before a credit report will generate. Generate an Alert: –A consumer can contact any one of the three major credit bureaus to send an alert to all three ID-THEFT ( )

Available from BankersOnline.com/tools 8 Alert Examples Initial Fraud Alert Extended Fraud Alert

Available from BankersOnline.com/tools 9 Disposal of Consumer Reports Any confidential, personal credit information on any and all customers must be destroyed in an approved and expedited manner. –Printed reports are scanned and then shred in six months –Imaged reports are not accessible to unauthorized employees

Available from BankersOnline.com/tools 10 Reconciling Addresses If you pull a credit report and you type in an address that is “substantially different” from what’s on record, an alert will appear. You must verify that you have the actual customer, not an ID thief. Follow CIP rules for identity verification. Law states that you must verify address BEFORE opening the account.

Available from BankersOnline.com/tools 11 Permissible Purpose Must have a legitimate, permissible purpose to pull a credit report. –Three D’s: Debt with the bank Denial of credit or deposit product Deposit opened Have signed authorization to pull report.

Available from BankersOnline.com/tools 12 Debit Card Requests Debit card issuers must follow reasonable policies and procedures if a request for an additional or replacement card is received within a short time (45 days) after the issuer has received notification of a change of address for an account.

Available from BankersOnline.com/tools 13 Consumer Websites To Opt out from phone solicitations To Opt out from mailed solicitations: Obtain free credit reports:

Available from BankersOnline.com/tools 14 Reg Flag Examples CREDIT REPORT RED FLAGS:  Alert on consumer report  CRA notice of credit freeze  CRA notice of address discrepancy  Account activity inconsistent with history

Available from BankersOnline.com/tools 15 Reg Flag Examples SUSPICIOUS DOCUMENTS  Altered or forced ID documents  Physical appearance and ID description inconsistent  ID information and info provided by applicant are inconsistent  ID information and other filed information inconsistent  Applicant document altered or forged

Available from BankersOnline.com/tools 16 Reg Flag Examples SUSPICIOUS ID INFORMATION  ID information inconsistent with external sources  ID information does not internally correlate  ID information associated with existing fraud  SSN observed in duplicate use

Available from BankersOnline.com/tools 17 Reg Flag Examples SUSPICIOUS ID INFORMATION, con’t  Address or telephone number matches other opening accounts  Failure to provide required ID information on application  ID info presented is inconsistent with ID info on file  Customer cannot provide ID authenticating info.

Available from BankersOnline.com/tools 18 Reg Flag Examples UNUSUAL USE OR SUSPICOUS ACTIVITY  Request for new/additional card following a change of address  Revolving credit account use suggests known fraud patterns  Account use inconsistent with history patterns  Renewed activity in dormant account

Available from BankersOnline.com/tools 19 Reg Flag Examples UNUSUAL USE OR SUSPICOUS ACTIVITY  Returned mail from address on record with continuing transactions  Customer notifies of failure to receive mailed statements  Notification of unauthorized charges or transactions

Available from BankersOnline.com/tools 20 Reg Flag Examples NOTICE FROM CONSUMER OR LAW ENFORCEMENT AGENCIES  Notification by consumer, victim, law enforcement, or other that FNBT has opened ID Theft related account.

Available from BankersOnline.com/tools 21 ???