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How will your bank satisfy this requirement?
Red Flag Rules - November 1 Deadline
CBA has found the right product at the right time to provide you solutions for this new regulation.
Identity Theft Solutions:
- A template based Board Program (written policy), customized for your bank
- A negotiated deep discount on Identity Theft restoration protection (Mitigation) for all of your customers – a required piece of the legislation
- A mailing program at no cost to your bank to include:
- Confirmation of the bank’s Board Program (written policy) and information on the restoration service provided by the bank
- An offer for your customers to purchase complete ID Theft Protection mailed to your entire customer base at no cost to the bank which has the potential to pay for item #2 above, as well as to generate significant non-interest revenue for your bank.
- A retainer program to protect the bank against the potential of very high costs if the bank should experience a breach of its customer data
The basic plan will provide the required Mitigation or Restoration for your entire customer base.
This plan includes:
- True total restoration of breached identity (Mitigation)
- Credit Monitoring Assist (Detection)
- Lost/Stolen Wallet and Purse recovery (Assists in replacing all credit cards, driver’s license, identification and other official documents)
- Crisis Preparation Kit with written instructions
- Online Education and Services (for bank employees) (Prevention)
The cost of this plan is $.10/month per household. (Not number of accounts or customers).
Among the several guidelines issued, there are three imperative new regulations that must be met by November 1, 2008.
- Develop and implement an Identity Theft Prevention program. The program must include policies and procedures for detecting, preventing and mitigating identity theft.
- Requires users of consumer reports to respond to Notices of Address Discrepancies received
- Special requirements on debit or credit cards to evaluate the validity of a change of address
There are two “step ups” offered to your customers including:
IDAlert
Includes all of the above benefits plus: $5.95 per month
- Monitors all 46 know types of identity theft 24/7 to detect potential identity theft months before other available programs
- $20,000 in ID Theft insurance with $0 deductible
- $2.15 per month revenue to the bank for each household that enrolls
IDTotal
Includes all of the above benefits plus: $7.95 per month
- Free and greatly reduce Legal services
- Tax Services
- Credit Management Services
- EAP Life Events Counseling
- $2.25 per month revenue to the bank for each household that enrolls
For more information, contact Jennifer Cannon
800-258-4589 or email Jennifer@cbak.com |
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