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Knock, knock. It’s the FTC

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Are you a Creditor? You need to know the answer to that question before someone from the FTC asks you. If you loan money, make car loans, etc., you are a creditor and are now a part of the government’s identity theft police. You, as a business owner, are required, not requested, required, to set up a program to detect identity theft, or identity theft attempts, against your customers. Now, while identity theft is a serious concern, and one that I am sure most business owners would be pleased to assist in thwarting, it is no longer your option and there are some pretty stiff penalties in place that can be imposed by the FTC against businesses that do not have a “red flag” program in place. You will, with your time and your resources, assist the government or be penalized.
Your Opportunity to Comment (from the FTC site)
The National Small Business Ombudsman and 10 Regional Fairness Boards collect comments from small businesses about federal compliance and enforcement activities. Each year, the Ombudsman evaluates the conduct of these activities and rates each agency’s responsiveness to small businesses. Small businesses can comment to the Ombudsman without fear of reprisal. To comment, call toll-free 1-888-REGFAIR (1-888-734-3247) or go to www.sba.gov/ombudsman.

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