Resources for Federal Information Security Management Act (FISMA)

Compliance Coach Identifies 23 New Identity Theft Red Flags

www.nationalmortgagenews.com

Based on recent cases and schemes, Compliance Coach, a provider of automated regulatory compliance services to the financial services industry, has identified 23 new identity theft red flags and has updated its CompliancePal software.

CompliancePal is a Web-based software that enables compliance with the FACT Act identity theft red flags rule. It 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, and everything necessary to pass an audit.

The software is updated regularly for new identity theft schemes and red flags so a company can easily update its identity theft program and maintain compliance. Companies interested in using the software can do so by signing up online and accessing it via the Internet.

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, landlord, utility company, phone company and any consumer or small business lender in the country.

The compliance deadline is Nov. 1, 2008. Failure to comply can lead to civil money penalty for each violation, regulatory enforcement action, private plaintiff lawsuits, negative publicity and loss of business.

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