iDbusiness launches red flag compliance moduleMortgagePress.cominformation security, red flag compliance module, identity theft
idBUSINESS, a provider of information security solutions for
small- to medium-sized businesses, announced today the launch of
the Red Flag Compliance Module. The Red Flag Compliance Module lets
mortgage companies meet the requirements of the Red Flag Rules that
amend the Fair and Accurate Credit Transactions Act of 2003. What
makes the idBUSINESS approach to Red Flag Compliance unique is that
the product is built to meet the specific needs of the mortgage
industry in this challenging market.
idBUSINESS CEO Scott Brooks and President Scott Sax are both
mortgage professionals who have experienced firsthand the
challenges and opportunities in today's market. Says Brooks, "A
mortgage banker or broker is facing about 20 serious challenges to
his business every day, one of which is Red Flag compliance. With
the Compliance Module, we created a simple tool that achieves
compliance first, but second, gives you a tool to build your
business in a tough market."
The Red Flag Compliance Module is built on the real-world
forensic experience of information security expert Bryan Thornton.
By integrating experience gained from field work with banks and
mortgage companies, the Module goes beyond the 26 identity theft
"Red Flags" outlined by the legislation, providing customers with
37 potential signs of identity theft.
The larger number of triggers does not mean a larger amount of
work. An average user going through the Red Flag Compliance Module
can begin meeting the requirements of the law within one hour. Upon
satisfying the requirements, the user is able to download their
custom Red Flag Compliance plan.
The Red Flag Compliance Module integrates that plan into the
day-to-day job functions of a mortgage companys employees, by
bundling each Compliance Module with up to 10 individual identity
theft recovery plans. According to the FTC, an identity theft
victim spends an average of 130 hours resolving their case - with
the vast majority of those hours coming between nine and five,
giving the business owner a more productive staff that is also more
actively engaged in the risks presented by identity theft.
Says Thornton, "The Red Flag Rules want a mortgage business to
eliminate the triggers that signal identity theft. The Compliance
Module integrates the elimination of those triggers into every
employee's job. When a customer sees a loan officer going the
second mile to ensure that the information in an application is
kept safe, that's a competitive advantage that helps you close more
loans. And when that L.O. puts proper due diligence into each
application, your underwriter is happy too." For more
information, visit www.idbusiness.com.