What is all this Red Flag Rules all about? Red Flag Rules is a regulation that is designed to hopefully decrease the impact of identity theft by putting the burden on businesses to provide 'checks and balances' that Red Flag potential threats of identity theft. The impact on companies to conform to this can be quite a task. Now imagine the small business owner with 7 employees that have to comply to the same set of regulations as the 2,000 employee company. How does one start you may ask? It all boils down to resource and the cost of the resource. I suggest, as the Federal Trade Commission suggests, to talk their attorney to see if and how the rules apply to them. There are many companies that help businesses comply but it is still always a good idea to get the solution reviewed by your attorney. It does not hurt to get a second opinion. I encourage you to look into this now as the deadline is November 1, 2008.
With that said, will regulators come knocking on your door come November 1st? More than likely not but by getting your questions answered you have taken another step to Protect and Grow Your Business!!
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