Identity Verification and FACT Act Red Flag Compliance for Auto Dealers

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Automated Online Red Flag Rules Compliance for The Motor Vehicle Industry

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As a Dealer of Motor Vehicles, you may be considered a “creditor” as defined by the Federal Trade Commission and be required to comply with Red Flags Rule.

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If you collect, store or share non-public information from customers (and/or employees) such as Social Security numbers, and/or banking information… or if you have customers complete a credit application and/or forms containing non-public information, you or your 3rd party service providers run credit and/or background checks and handle debt collection for your business, you MUST comply with this Federal Law or be subject to significant fines and penalties!

Testimonials

"Fraud is a big problem for motorcycle dealerships. In 2008, we experienced thousands of dollars in losses due to identity theft.

After experiencing those losses, we were determined to aggressively fight against these identity thieves and put them out of business! As a part of establishing our Red Flags Rule Identity Theft Prevention Program Policy we also implemented Veratad’s IDMatch+PLUS ID Verification Solution.

Since we started using IDMatch+PLUS last October, we have identified multiple individuals attempting to fraudulently purchase our high-end bikes and stopped them in their tracks! We attribute it to the implementation of our Red Flag Policy Program and the use of Veratad’s ID verification tools!"

Dave Wagner

Denver, Colorado

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Federal Trade Commission - The FTC is also authorized to bring enforcement actions in federal court for violations. In some cases, the FTC may bring an action for up to $2,500 in penalties for each independent violation of the rule.

State Enforcement - The states are also authorized to bring actions on behalf of their residents and may recover up to $1,000 for each violation. In addition, the states may recover its attorneys’ fees if successful in such action.

Civil Liability - Each consumer may be entitled to recover actual damages sustained from a violation. This could be very large and consumers may be able to bring a class action suit seeking potentially massive damages. In addition, successful plaintiffs may recover reasonable attorneys’ fees.

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Key “Red Flags” Rule Requirements:

Designate a Compliance Officer / Program Coordinator
Perform a Risk Assessment to determine “Red Flags”
Develop a “written” Identity Theft Prevention Program (ITPP)
Ensure program contains your Policies and Procedures
Documented proof vendors you share sensitive information with are compliant by having proper protection and safeguards in place
Develop an employee training program & train all employees who handle sensitive information to know how to identity, detect and respond to Red Flags…and if an event occurs, you must have a policy in place to notify affected customers according to policy
Perform periodic audits
Obtain Board or Top Executive Approval
Annual Reports to record compliance

Our Solution

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201-510-6000

Service includes an online tool that helps you create your Identity Theft Prevention Program Document and facilitates online Identity Theft Red Flags Employee Training customized with your red flags. In addition, Veratad provides an easily deployable Identity Verification Solution with "out of wallet" questions and optional OFAC Search.

Online Program Document Creation

Our service follows the FACTA guidelines and prompts you as you create a complete Identity Theft Prevention Program document. Subscribers to our service can simply log-in, complete a series of questions and download a customized Program document in Microsoft Word or Adobe Acrobat format.

Online Employee Training

In addition, your organization will receive access to an online Identity Theft Red Flags Employee Training Module completely under your direction.

Online Identity Verification

Veratad’s flagship products IDMatch and IDMatch+PLUS are ideal for meeting the identity and change of address "red flag" requirements of Section 114 and 315 of FACTA because they provide an easily deployable Identity Verification Solution with different levels of authenticating identities. In addition to ID Verification, Veratad can include OFAC.

Veratad's Red Flag Rules Compliance Solutions

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Red Flag Rules Document/Training Video

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