NADA Provides Guidance on Red Flags Rule on Identity Theft

NADA Provides Guidance on Red Flags Rule on Identity Theft

Under the new federal ”Red Flags Rule,” most dealers and other creditors must develop and implement a comprehensive Identity Theft Prevention Program by Nov. 1. To assist with compliance, NADA has issued A Dealer Guide to the FTC Red Flags and Address Discrepancy Rules: Protecting Against Identity Theft. The Guide explains the requirements under the new Rules, and includes detailed, step-by-step guidance on developing the written program required under the Red Flags Rule, as well as a sample written program, worksheets, and other helpful materials. All members will soon receive one free copy of the full Guide in the mail.The sample written program is also being made available upon request as a Word document ” free to members ” to aid dealers in developing written programs specific to their dealerships in advance of the compliance deadline. Issued by NADA Management Education, the Guide also will serve as the basis for twovirtual seminars on the Red Flags Rule, on Aug. 26 and Sept. 23.