Identity Theft Prevention
The FTC issued the Red Flags Rule under sections 114 and 315 of the Fair and Accurate Credit Transactions Act (FACT Act), which amended the Fair Credit Reporting Act (FCRA). The rule requires "financial institutions" and "creditors" that hold "covered accounts" to develop and implement a written identity theft prevention program for new and existing accounts. While aimed primarily at financial institutions, parts of the rule cover many colleges and universities and the FTC has stated that nonprofit and government entities can be subject to parts of the rule. To comply with the Red Flags Rule, Hamline University (“HU”) developed this Identity Theft Prevention Program (“Program”).