ID Theft Red Flags FAQ IIC1 – Is a financial institution or creditor required to educate consumers regarding the prevention of identity theft as a part of its Program?

Compliance > Lending > FCRA
Q:  Is a financial institution or creditor required to educate consumers regarding the prevention of identity theft as a part of its Program?
 
A:  The Red Flags Rules do not require a financial institution or creditor to educate consumers regarding the prevention of identity theft.  However, consumer education programs may be helpful as part of an overall effort to address the problem of identity theft.
 
 
ADDITIONAL INFORMATION:
This information was obtained from the Interagency FAQs for Identity Theft Red Flags and Address Discrepancies - https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20090611a1.pdf
 

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