The Federal Trade Commission’s compliance deadline for its so-called Red Flag Rules has finally arrived, requiring banks and other creditors to have written programs in place to find, stop, and mitigate theft of consumers’ personal data.
The rules formally go into effect Aug. 1, after a three-month extension to give companies more time to find their compliance footing. Still, experts say, many companies are struggling to understand whether they fall under the new rules’ jurisdiction, and how to nail down basic compliance procedures.
