Fewer than 1/3 of banks will be compliant with Red Flag Rules by 11/1 deadline

The US government is stepping up requirements for US banks to identify and prevent fraud related to consumer identity theft. In November 2007, Federal regulators issued a rule entitled "Identity Theft Red Flags and Address Discrepancies Under the Fair and Accurate Transactions Act of 2003," as directed by Sections 114 and 315 of the Fair and Accurate Credit Transactions (FACT) Act. With...