The Pleasure Island Chamber of Commerce is sponsoring a workshop regarding the Fair and Accurate Credit Transaction Act (FACTA) from the Federal Trade Commission (FTC).Details:
- What: FACTA Workshop
- When: Wednesday, July 22, 2009, 6 pm - 7:30 pm
- Where: Carolina Beach Police Training Room (located in the Carolina Beach Town Hall)
Dubbed the “red flag rules”, they require all financial institutions and creditors to create and implement a written program for detection, prevention and mitigation of identity theft of consumers’ data. In general, if a business regularly extends credit (or arranges for someone else to do so), the red flag rules apply. Accepting credit cards doesn’t make you a covered creditor.
Businesses must comply if there’s a reasonably foreseeable risk that identity theft could occur against a new or existing business account. If there is such a risk, you must develop a plan to detect, prevent and mitigate the theft and its effects. The plan must be in writing. The Federal Trade Commission (FTC) has identified 26 examples of red flags that could be incorporated into your program. It says the plan must be adapted to your business, so you can’t adopt a canned format based on minimal standards.
The potential penalty for noncompliance is up to $2,500 per violation.
Daniel Vulin of Pre Paid Legal Services, Inc., will be conducting the workshop which will include a 30-minute presentation with a question and answer session following the presentation.
How to Register:
Call the Pleasure Island Chamber of Commerce at 910-458-8434.
Please note: There is a $5 charge for all Chamber members and a $10 charge for all non-members.
Become a member of the Pleasure Island Chamber of Commerce and get access to more business-friendly workshops and seminars, networking events, area news, resources, and more!
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