Regulation S-ID, Identity Theft Red Flags Rules

Regulation S-ID, and the information collection it requires, is designed to better protect consumers from the risks of identity theft. The regulation requires entities that are subject to the Commission’s jurisdiction to address identity theft in two ways. First, the rules and guidelines require financial institutions and creditors to develop and implement a written identity theft prevention program designed to detect, prevent, and mitigate identity theft in connection with certain existing accounts or the opening of new accounts. Second, the rules establish special requirements for any credit and debit card issuers that are subject to the Commission's jurisdiction, to assess the validity of notifications of changes of address under certain circumstances.

The latest form for Regulation S-ID, Identity Theft Red Flags Rules expires 2022-08-31 and can be found here.