Your personal information is just that…Personal.
This post is for the benefit of individuals and small business owners…For those who think they’re not it business, read it anyway, it’s just good business. Not knowing, and having it apply to you may cost you more than you intended.
“…Actually, the Red Flags Rule was enacted in, my gosh, it must be four years ago. So, the law is actually in effect, what isn’t in effect is enforcement.
The Federal Trade Commission has said, because there are so many companies, and so many small businesses including…accountants…the lawyers got themselves out of it…doctors’ offices…auto dealers, and so forth, who are subject to this rule that there’s still some education and outreach to be done. So, they’re not going to enforce the rule.
But, you see the basic idea is that…being sure you are dealing with the right person for a long time…whether dentists, accountants, auto dealers who may have sensitive information and could be targets of fraud but, they don’t think that way.
You know, they maybe don’t think of themselves as being guardians of personal information. And, also, for a lot of small businesses, the protection of information is a real balancing act with customer service. So, somebody calls up and they say, ‘Oh, gosh, I forgot my password’, and you know the small business really wants to facilitate that relationship and so they may not be as careful about guarding information, again as the banks would be.
So, a lot of companies now, again auto dealers, dentists, and so forth are responsible for watching out for what they call ‘red flags’, which are sort of indicators that something may be wrong; like a change of address for an example. If, I phone up and say, ‘Oh, I’ve moved, send all my bills, send all my personal information to some new address’. Is somebody suppose to say, well, okay, let’s just verify that really is you changing the address. It’s a precaution.”
Be mindful of the fact, you are accountable for making sure you are compliant with any local, State, and/or Federal laws.
Consider this a grace period to make sure you are compliant with all the different compliancy regulations. Litigation and unknown outcomes are another factor for the delay. Moreover, identity theft is still on the rise, and as business owners your reputation and good name is too great a risk.
The CyberHood Watch online book “Think It Won’t Happen To You” addresses seventeen (17) important Internet topics concerning children, families, and businesses in the digital age. The Red Flags Rule is one of the seventeen topics covered in more detail.
You are more than welcome to grab a copy…no charge. We are doing our part…any help at your end is appreciated. Try getting something done without communication…Communication & Awareness – spread it around.
Anne went on to talk about Identity theft and noted there are several types of ID Theft ranging from credit card theft, new accounts, taxes, medical, and more. Credit card, unlike financial fraud abuse is more common and simple to fix.
There are two areas to be mindful about precautions: both physical (real world) and personal (Internet). Treat your personal information as cash, suggests Anne Wallace.
A data breach is still a data breach. However, as Anne pointed out the database may only contain names and addresses, not considered useful information. After all, we are listed in the phonebook.
As a customer of an accepted financial institution or service provider identified as an ITACI member, as a victim, Identity Theft Assistance Center provides Identity Theft assistance.
Social networks provide the framework for enterprising criminals to harvest information. A segment of the population does not work in the traditional way. This segment wakes up thinking whom, or what could we defraud personally or financially today.
Like washing your hands to reduce the spreading of a virus, so can basic behaviors designed to reduce stolen personal identifiable information. Like, obtaining free credit reports, reviewing them, and disposing of information properly.
Here is the recording: Anne Wallace – Dave & Bill
david c ballard
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