Services
Red Flag ID THeft Support
1. Identification of Red Flags:
Red Flags emanating from loan file reviews: We are positioned to be a customer's first indication of potential ID theft in their credit file - address discrepancies, unknown accounts and inquiries and other evidence can assist customers in preventing wide spread, damaging ID Theft.
Unusual Account Activity: Monitor for unusual or suspicious activity on customer accounts, such as sudden changes in spending patterns, multiple failed login attempts, or changes to account information.
Alerts from Customers: Take seriously any alerts or reports from customers about potential identity theft or unauthorized access.
2. Documented Red Flag Procedures:
We establish clear procedures for identifying and documenting red flags. This may include specific criteria or scenarios that are considered potential indicators of identity theft.
3. Customer Verification:
When red flags are identified, we initiate a thorough verification process to confirm the identity of the customer. This may involve additional authentication steps, such as security questions, multi-factor authentication, or confirming personal information.
4. Communication with Customers:
We generate communications and provide transparent process to assist customers if red flags are identified. We provide clear instructions on what steps they need to take to verify their identity and secure their accounts.
5. Collaboration with Authorities:
Our system prepares necessary police and law enforcement reports necessary to collaborate with relevant authorities to investigate cases of identity theft. This is particularly important if red flags suggest criminal activity.
6. Continuous Monitoring and Review:
We assist in implementing systems for continuous monitoring of accounts and customer activity. This includes regularly reviewing and updating red flag procedures to adapt to evolving threats and methods used by identity thieves.
7. Compliance with Regulations:
We provide and review your red flag procedures to ensure they are in compliance with relevant regulations, such as the Red Flags Rule under the Fair and Accurate Credit Transactions Act (FACTA).
8. Employee Training:
We help train employees to recognize red flags and follow established procedures. This includes staff involved in customer service, security, and those responsible for monitoring accounts.
9. Incident Response Plan:
We provide a well-defined incident response plan in place to address identity theft incidents promptly. This plan outlines steps to contain, investigate, and mitigate the impact of identity theft.
10. Customer Education:
We provide resources to educate customers on the importance of vigilance against identity theft. This includes resources and guidance on how they can protect themselves and what to do if they suspect identity theft.