Software developer Compliance Coach introduced CompliancePal, a product intended to help businesses comply with new rules for safeguarding against identity theft.
The Fair and Accurate Credit Transactions Act's identity theft red flags rule requires financial institutions, creditors and lenders, including tax preparers who provide refund anticipation loans, to develop and implement an identity theft prevention program for new and existing accounts. Businesses have to identify all of the accounts covered by the rule; perform a risk assessment of each account; identify red flags for each account; map each red flag to appropriate detection and response procedures; develop a written program and obtain approval from the board of directors; provide training to appropriate employees; monitor for new identity theft red flags and new risks; make appropriate changes in procedures and update the program; and provide a compliance status report at least annually.
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