“Veratad’s core online Red Flags compliance solution includes all the required components assuring compliance with the Rule,”
Teaneck, NJ (PRWEB) November 22, 2010
Veratad Technologies, LLC, a world class provider of Identity Verification and Compliance Solutions, announced today the addition of significant enhancements to its Online Red Flags Rule Compliance software designed to assist businesses with meeting the December 31, 2010 FTC Red Flags enforcement deadline. The enhancements include new learning modules for administrators and employee training, as well as simplified access to Veratad’s online identity verification solutions, IDMatch SM and IDMatch+PLUS SM .
The Red Flags Rule was developed under the Fair and Accurate Credit Transaction Act (FACTA) to protect consumers from the devastating effects of identity theft. The Rule requires “creditors” with “covered accounts” to create and implement a written Identity Theft Prevention Program (ITTP) for the purpose of detecting and preventing America’s fastest growing white collar crime-Identity Theft.
“Veratad’s core online Red Flags compliance solution includes all the required components assuring compliance with the Rule,” said Pattie Dillon, Veratad’s President. “These enhancements to our solution make it easier for program administrators to understand the Rules, more easily fulfill employee training compliance requirements and provide automatic access to Veratad’s online virtual identity verifications.”
The scope of businesses required to comply with the Rules has been debated since inception; that said, along with the most recent delay, the FTC has urged Congress to swiftly enact legislation resolving any present and future challenges to the Rule. Earlier this year, the FTC extended the enforcement deadline to from June 1, 2010 to December 31, 2010 with notice that in the event Congress passes clarifying legislation prior to December 31st , the FTC is prepared to enforce the law at that time.
“Businesses should be prepared now for Red Flags enforcement,” says John Ahrens, Veratad’s Managing Director, “the FTC has strongly encouraged Congress to clarify the scope of entities covered by the Rule and that clarity can be made at any time bringing enforcement upon us sooner than the December 31 deadline. In any case, we are recommending that our customers and all businesses subject to the Rules be ready for enforcement in advance of the announced December 2010 deadline.”
About Veratad Technologies, LLC
Veratad Technologies, LLC ( http://www.Veratad.com) is a world class provider of real-time online Identity Verification and Knowledge Based Authentication Solutions designed to verify an individual’s identity and age while maintaining a high level of consumer privacy. In addition, Veratad offers a unique online Red Flag Rules Compliance tool for the creation of an ID Theft Prevention Document and Employee Training designed to meet the compliance requirements of FACTA.
For More Information Contact:
Senior Account Executive
Veratad Technologies, LLC
Teaneck, New Jersey
P: 201-510-6000 ext 120