PREVENT IDENTITY THEFT

NOVEMBER 3, 2009 - BREAKING NEWS

FEDERAL TRADE COMMISSION TO EXTEND
ENFORCEMENT DEADLINE FOR IDENTITY THEFT
RED FLAGS RULE UNTIL JUNE 1, 2010


Companies that have to Comply can Pre-Order JVC’S Red Flags Compliance Kit on CD


The Federal Trade Commission has decided to delay enforcement of the Red Flags Rule until June 1, 2010.  As a result, jewelers covered by the rule now have several additional months to develop an Identity Theft Prevention Program as mandated by the Rule.  The Commission had previously delayed enforcement of the Rule until November 1, 2009.

The purpose of a Red Flags Program is to help identify, detect and respond to the “red flags” of identity theft.  Any jeweler that is a “creditor” with “covered accounts,” as those terms are defined by the Rule, is required to develop a program by June 1, 2010.  

 For more information about the Rule, or to order a Red Flags Rule Compliance Kit, see Red Flags Summary.
Frequently Asked Questions.

Materials concerning the rule are also posted on the FTC site, ftc.gov/redflagsrule. 
November 3, 2009 JVC Press Release.

October 28, 2009 - Red Flags Update:
Special Message from Cecilia Gardner,
JVC’s president, CEO and General Counsel

Do You Need to Comply with the Red Flags Rule and
Develop an Identity Theft Prevention Program?


Recent developments in Congress make it possible that you will not be covered by the Red Flags Rule and will not be required to develop an Identity Theft Prevention Program.

Congress is considering legislation that would exclude many businesses from the Red Flags Guidelines.  If the legislation passes, which is expected, these business may apply to the Federal Trade Commission for the exclusion, and, if granted, would not need to implement a Program.  

Here are the jewelry businesses that would qualify for the exclusion:

  • any business that knows all of its customers or clients individually or
  • any business that has not experienced incidents of identity theft and identity theft is rare for businesses of that type.

The JVC offers these guidelines to help you decide whether you will be required to develop an Identify Theft Prevention Program:

  • If you offer in-house financing or a branded-credit card your company will not be eligible for an exclusion  
  • You probably will not have to develop a program if you know all your customers or you have not experienced identity theft, and it is rare in your type of business.
 NOTE: Should you believe that YOU WILL NOT qualify for exclusion if the legislation passes and that YOU WILL BE REQUIRED to develop an Identity Theft Prevention Program, JVC can help you develop your program.


JVC’s Red Flags Rule Compliance Kit on CD, sponsored by GE Money,
includes step-by-step templates covering a variety of topics, such as:

  • who must establish a Red Flags program
  • what accounts are covered by the Red Flags program
  • how the Red Flags rule fit with other data security measures currently in place
  • administering the program and educating staff
  • and more.

Click here for more information about JVC’s Kit


Please do not hesitate to contact JVC at 212-997-2002, or
by email to Suzan Flamm at suzan@jvclegal.org,
if you have any questions about this development.
 
Jewelers Vigilance Committee
Does Not Provide Any Form Of Legal Advice.
Copyright © 2006 Jewelers Vigilance Committee · Contact JVC