Red Flag Rules and Current Privacy Legislation
What is the Red Flags Rule?
The new ‘Red Flags’ rule will help fight identity theft. What is the definition of an identity thief? The answer is someone who uses people’s identity information to open new accounts and misuse existing accounts, creating havoc for consumers and businesses.
The Federal Trade Commission (FTC), the federal bank regulatory agencies, and the National Credit Union Administration (NCUA) have issued regulations (the Red Flags Rule) requiring financial institutions and creditors to develop and implement written identity theft prevention programs, as part of the Fair and Accurate Credit Transactions Act (FACTA) of 2003.
By May 1, 2009, companies must provide for the identification, detection, and response to patterns, practices, or specific activities – known as “red flags” – that could indicate identity theft.
Who must comply?
- Financial Institutions: State or national bank, a state or federal savings & loan association, a mutual savings bank, a state or federal credit union, or any other entity that holds a “transaction account” belonging to a customer.
- Creditors: Any entity that regularly extends, renews, or continues credit, any entity that regularly arranges for the extension, renewal, or continuation of credit; or any assignee of an original creditor who is involved in the decision to extend, renew, or continue credit.
- Under the Red Flags Rule, financial institutions and creditors must develop a written program that identifies and detects the relevant warning signs of identity theft. The program must also describe appropriate responses that would prevent and mitigate the crime and detail a plan to update the program.
- The Red Flags Rule provides all financial institutions and creditors the opportunity to design and implement a program that is appropriate to their size and complexity, as well as the nature of their operations.
- As federal and state legislation tightens and affects not only financial and credit businesses across America, it is imperative that all organizations conduct due diligence and take appropriate measures to ensure end-of-lifecycle documentation is properly destroyed and recycled.
Source: Federal Trade Commission
A partner in compliance.
According to the law, when using an outsourced document destruction company, financial organizations must use due diligence in selecting, managing and monitoring the service provider to ensure consumers’ private information is protected. PROSHRED®’s INFORMATION DESTRUCTION AT YOUR DOOR provides one of the most secure, convenient, economical and environmentally conscious solutions for complying with the current Red Flags Rule.
What Are People Saying About PROSHRED®
Pro Shred was awesome. Our service tech, Robert, was fantastic. He was professional and did a wonderful quick job. We have used... read morePro Shred was awesome. Our service tech, Robert, was fantastic. He was professional and did a wonderful quick job. We have used this company several times and would highly recommend them. read less
Trish10/03/2018Great company to do business with! Very professional & friendly. I recently used them for several boxes, and the company I work for has... read moreGreat company to do business with! Very professional & friendly. I recently used them for several boxes, and the company I work for has used them many times. Very reasonable rates. read less
Audrey8/21/2018We visited ProShred in Tinley Park. We had about 97 lbs. of paper to shred. We called ahead to be sure we could just... read moreWe visited ProShred in Tinley Park. We had about 97 lbs. of paper to shred. We called ahead to be sure we could just walk in. The tech was friendly, service was efficicient, and the price was very reasonable. Definitely recommend! read less
joann p11/05/2019Been using their services for over a year and am always impressed by the level of professionalism exhibited. Always prompt, always on-time, always courteous, and... read moreBeen using their services for over a year and am always impressed by the level of professionalism exhibited. Always prompt, always on-time, always courteous, and always fair in pricing. What more can one ask in a service? They are simply the best shredding company one can use - bar none! read less
John G Kaleel12/05/2018Proshred is a fabulous and accommodating company! They go "above and beyond" to ensure customer satisfaction. Their staff is very friendly and guarantee your satisfaction... read moreProshred is a fabulous and accommodating company! They go "above and beyond" to ensure customer satisfaction. Their staff is very friendly and guarantee your satisfaction with their services. I definitively recommend Proshred. read less
Connie Shifflet12/05/2018ProShred just came to my house and shredded every document I've been collecting since 1994. Extremely friendly, efficient, and reasonably priced! I will definitely be... read moreProShred just came to my house and shredded every document I've been collecting since 1994. Extremely friendly, efficient, and reasonably priced! I will definitely be using this service again. Highly recommend! read less
Natalie10/17/2018They did a great job. On time and very professional.
Scot2/05/2019First time using this service on a walk-in Saturday event. Convenient, fast, easy service and the staff was great! Prices reasonable compared to the amount... read moreFirst time using this service on a walk-in Saturday event. Convenient, fast, easy service and the staff was great! Prices reasonable compared to the amount of personal shredders I have gone through. I will be back again! read less
Shaunese Henry4/05/2019Thank you so much for all of your help and quality service. We couldn't be happier with the service we have received from you.... read moreThank you so much for all of your help and quality service. We couldn't be happier with the service we have received from you. Our contact Alicia Babin has been outstanding to work with. Highly recommend this company! read less
Kim6/20/2018Great place to have your things shredded and destroy old hard drives and computers. Beware of the receptionist inside. Don't take... read moreGreat place to have your things shredded and destroy old hard drives and computers. Beware of the receptionist inside. Don't take more than one complimentary life saver candy, she will call you out and shame you! I found out the hard way by taking TWO! read less
Maria Pudliner9/05/2019Awesome company! I've used Proshred several times for my shredding needs and have never been disappointed with their service. Fast, reliable, and timely!
Tina Stasi12/05/2018Great company!! Very friendly staff! Will definitely recommend!
Tiffany L12/05/2018Thank you Proshred for an amazing service this morning. Scotty and Ryan we're pleasant, professional and fast! They made the experience enjoyable at... read moreThank you Proshred for an amazing service this morning. Scotty and Ryan we're pleasant, professional and fast! They made the experience enjoyable at an emotional time. Mary in the office was extremely gracious and helpful, as well. Thank you all for being a local business with integrity and care. read less
Debz6/15/2018Convenient and easy to get rid of your paperwork without having to shred yourself or worry about it falling into the wrong hands. Just call... read moreConvenient and easy to get rid of your paperwork without having to shred yourself or worry about it falling into the wrong hands. Just call ahead to make sure the truck is available and not out on a job. read less
Nancy Kirk12/05/2018Great business and great people. I've been using Proshred on and off for a few years. Always a good and easy experience.
Clayton Quasny12/05/2018
