Red Flags Rule
The Federal Trade Commission (FTC) issued a final rule (Red Flags Rule) on Nov. 9, 2007, which requires financial institutions and "creditors" to develop and implement written identity theft prevention programs, as part of the Fair and Accurate Credit Transactions Act of 2003. The FTC has interpreted physicians to be "creditors" and, therefore, subject to the compliance obligations of the Red Flags Rule.
At the urging of the American Medical Association (AMA), the FTC moved the compliance date from Nov. 1, 2008 to May 1, 2009, to Aug. 1, 2009, and now to Nov. 1, 2009.
Protect your patients, Protect your practice: What You Need to Know about the Red Flags Rule
