Recent Regulations on Identity Theft - Legal Playground

Due to the dangers of identity theft, there are recent measures that have been put in place, for businesses and individuals to follow in an effort to curb the menace. Businesses and organizations are now required to follow the Identity Theft Prevention Program, which has been designed to raise a red flag whenever suspicious behavior is noticed. When businesses run these checks, they are better equipped to notice suspicious patterns, thereby raising a warning. There are certain steps that must be followed to avoid an expensive operation to rectify massive identity theft practices. It is important that any business educate its employees on how the Red Flags Rule operates.

?Procedures and Policies included in the Identity Theft Prevention Program

The Identity Theft Prevention Program is a set of procedures and policies, that a business should undertake, in order to detect, prevent, and mitigate identity theft. The New Red Flag Program endeavors to keep a check on practices, patterns or specific activities that indicate identity thefts.? They will incorporate a ready response system that will be implemented once there is an identity theft of any kind. The business should keep itself updated on the advances in the identification of such theft.

?Financial institutions, and creditors, have also been provided with guidelines which have helped them develop and implement programs that are in sync with the Red Flags Rule. There are certain FAQ's that are provided to these institutions so that they comply with the FTC and federal financial agency regulations. These have been used to help businesses comply with the Rule.

?Identity Theft is a Federal Crime

Advancements in the fight against identity theft have made it easier to balance the needs of the government, and businesses, as they deal with individuals in personal matters. Before 1998, any cases involving the theft of someone's identity were considered to be false impersonation. Under the false impersonation laws, the penalty for identity theft was not very serious. However, in 1998, the Identity Theft and Assumption Deterrence Act of 1998, was enacted, and the crime became federal. This made it a very serious offense to impersonate the identity of another person.

?Identity theft recognized as a crime against an individual

The law now recognizes identity theft as a crime against the individual. Previously, the cases only considered the financial loss, and the banks or financial institutions were considered to be the aggrieved. The law established the FTC, (federal Trade Commission), as the one organization charged with handling all cases of identity theft. The FTC also came up with an Identity Theft Data Clearinghouse. The law has also increased the time one could spend in jail if found guilty of identity theft. The time is now 15 years. The legal system has also closed loopholes which had only made it a crime to take someone's identity documents, but not when you assume someone's information. It is now a crime to assume someone's identity even if you do not take their actual documents.

?The recent changes in the laws about identity theft have helped people get proper recompense against the people who carry out these crimes. Sometimes people have lost their entire savings to these criminals, and the laws are now updated to deter these actions.

?This article was written by Robert Tritter, an aspiring lawyer who looks forward to sharing more of his knowledge to make the world a better-informed place. He recommends taking a look at the ID theft services by Protect Your Bubble to better protect yourself. Check out what they can do for you by going on their site!

Source: http://www.legalplayground.com/1212-recent-regulations-on-identity-theft.html

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