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Coming soon: New ID security rules
USA: Financial institutions have until 1 November to comply with a revised set of rules under the Fair and Accurate Credit Transaction Act, also known as Facta. EMC and its RSA security division have developed software that helps ensure compliance.
Six federal banking regulators, including the US Federal Reserve, FDIC and Office of Thrift Supervision, last November issued final rules clarifying what US banks and credit institutions would have to do to comply with Red Flag provisions of the 2003 Facta.
The rules are crafted to ensure that banks and credit service providers nationwide have comprehensive, up-to-date identity theft and online fraud prevention systems in place. Financial industry participants have until the beginning of November 2008 to be in compliance.
The impending deadline and the rush to ensure compliance has prompted EMC and its IT security division, RSA, to combine their respective consulting and identity protection and verification systems technology initiatives to offer banks and credit institutions a comprehensive, "holistic" solution that ensures Facta Red Flags compliance.
