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Are You Familiar with the Red Flags Rule?

u and me records management

 

If you operate and manage an organization in West Palm Beach, you are probably familiar with the fact that there are several forms of legislation that dictate the way in which you manage and dispose of your business documents on a regular basis. Keeping track of these rules can be a challenging task when you have a lot on your plate already. When it comes to secure document shredding the good news is that U and Me Records Management has got your back. Our teams of NAID Certified experts are highly knowledgeable and experienced, and as a member of NAID, we are committed to staying current on any updates of US legislation which may directly relate to how businesses in the United States dispose of their unwanted documents.

One of the latest pieces of legislation that has come into effect is known as the Red Flags Rule. It was established by the Federal Trade Commission along with the National Credit Union Administration to work against identity theft. It was passed in January of 2008 and went into effect on November 1st, 2010. The rule applies to two separate groups:

  • Financial Institutions
    • Defined as any entity that holds a transaction account which belongs to a consumer. This may refer to banks, loan associations, credit unions etc.
  • Creditors
    • These are entities that continuously extend or renew credit, or arrange for others to do so, and include all entities which allow for deferred payments for goods or services.

The rule essentially dictates how companies are to design and carry out a plan to limit identity theft. The plan that these organizations implement must include at least four of these basic elements:

  1. Identify red flags
  2. Detect red flags
  3. Act to stop the theft
  4. Update the program

The FTC has shared a how-to guide on their official websites for small businesses. Larger businesses, on the other hand, need more detailed systems and solutions in place than what this guide template addresses.

For many organizations, U and Me Records Management has become a key component in their Red Flags Rule protocol. One of the best proactive measures a business can make to reduce its risk of identity theft and fraud is to have all sensitive documents properly destroyed before the potential for information theft to occur.  Our team of NAID certified technicians and experts are ready to offer you professional shredding services that will keep your company compliant with its Red Flags Rules.

Get in touch with U and Me Records Management to learn about the many options available to your company!

Call 516-832-6156.

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U & Me Records Management

2626 Electronics Way West Palm Beach, FL 33407 Phone: (561) 832-6156 (ext.3) Fax: (561) 655-6985 Email: Staff@uandmerecords.com

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