DENVER-Denver Community CU has signed with Secure Identity Systems to conduct an Initial Risk Assessment and assemble a Policies and Procedures Manual, two critical steps towards compliance with the Federal Reserve's Red Flags rules.Initial Risk Assessment to look at the provisions of the FACT Act and Red Flag ruling, and determine how the organizations' current ID protection strategies meet those requirements. This includes evaluation of Bank Secrecy Act (BSA) requirements, information security, identity theft risk factors, and current programs. Key gaps and strategies for mitigating identity theft risks are also outlined during this process.
Secure Identity Systems has developed a manual that outlines the strategies and tactics for the CU to detect, prevent, and mitigate fraud.
