More than 9 million Americans are victims of some type of identity fraud each year. With the implementation of new "Red Flag Rules" issued by the Federal Trade Commission, consumers are expected to get more protection against identity theft. Under these regulations, banks, credit cards, and other merchants would be necessary to strengthen measures to detect and prevent identity theft. by adopting this regulation, much of the burden of crime prevention has shifted from the consumer to the merchant
"in simple terms, this means that every company must establish a policy to identify danger signs -. Say, if the address on a credit application does not match the one on the credit report for this person - and outline measures to manage. Measures could vary require other documents to deny the application. "
The implementation delayed until 1 May 09
These regulations was planned to kick on November 1, but the start date was recently postponed to 1 May 09 to enable financial institutions more time to plan the implementation of the rules and wrote identify theft prevention programs. While these protections are welcome, consumers should continue to be vigilant and informed on identity theft risks
theft insurance identity
Check with your agent insurance - many insurers offer insurance policies for identity theft, but it is important to understand the coverage that these policies include the National Council of insurance Commissioners (NAIC) said.
"identity theft insurance can not protect you from becoming a victim of identity theft and does not cover direct monetary losses incurred as a result of identity theft. Instead, the identity theft insurance provides coverage for the cost of recovering your financial identity, such as the cost of making phone calls, making copies, mailing documents, taking time off unpaid work (lost wages) and a lawyer hired. "
NAIC suggests checking the insurance policy of your current owners include identity theft. Otherwise, your agent may be able to add identity theft insurance your current policy for a small fee, or help you buy a stand-alone policy from another insurer
More resources :.
FTC - Reduce your risk of theft identity
FTC - Tools for identity theft victims
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