Red Flags rules can help stop identity theft

By Mark Steinhoff, Deloitte on Oct 29, 2008 3:42 PM
Filed under Risk

Identity theft has become a multi-billion dollar issue that continues to accelerate, and protecting against it has become a multi-million dollar business, says Deloitte's Mark Steinhoff.

Identity theft continues to accelerate, and protecting against it has become a multimillion dollar business, says Deloitte's Mark Steinhoff.

A survey conducted by the US Federal Trade Commission (FTC) in 2006 estimated that 8.3 million American consumers, or 3.7 percent of the adult population, became victims of identity theft in 2005.

Reported incidents collected by the agency in its annual fraud analysis showed 258,427 cases logged in their databases. Stepping into this foray is the U.S. federal government's Fair and Accurate Credit Reporting Act and its “Identity Theft Red Flags and Address Discrepancies” provisions.

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Red Flags rules can help stop identity theft

Identity theft has become a multi-billion dollar issue that continues to accelerate, and protecting against it has become a multi-million dollar business, says Deloitte's Mark Steinhoff.

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