FTC extends deadline for "Red Flags Rule"
Healthcare Auditing Weekly, October 28, 2008
The Federal Trade Commission (FTC) has extended the deadline to implement the “Red Flags Rule” until May 1, 2009, giving creditors and financial institutions more time to develop and set up identity theft programs, according to an FTC press release.
The rule requires financial institutions and creditors, including non-profit hospitals, to develop and implement written identity theft prevention programs, as part of the Fair and Accurate Credit Transactions (FACT) Act of 2003. The programs must identify, detect, and respond to patterns, practices, or specific activities—known as “red flags”—that could indicate identity theft, according to the FTC’s Web site.
Originally, the rule was set for November 1, 2008. However, the FTC discovered many industries and entities affected by this rule were uncertain about the rule. Some indicated they were not aware they were under the FTC’s jurisdiction until it was too late to comply with the November deadline.
Comments
1 comments on “FTC extends deadline for "Red Flags Rule" ”
- Jumiiee (3/14/2012 at 7:59 PM)
- This is a very serious ovtlaiion. Anyone who violates this law can and will be thrown in jail. Anyone who works in the health care field should be aware of HIPPA and know what the consequences are for violating it. They mean business and a hospital gets fined $1 million. That should be enough to get everyone aware of what happens. Great post!!
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