Compliance Coach: Red Flags Rule is a risk-based regulation. Compliance should be approached from a risk management perspective, not a purely technical perspective, says Sai Huda. Financial institutions should ask which accounts are more at risk to identity theft, Huda says. The recent release of a FFIEC guidance document on Frequently Asked Questions about ID Theft Red Flags also shows where regulators are hearing the most questions on the regulation. There are four areas that are “high risk” that many financial institutions have not paid enough attention to, he says.”]
Source: https://www.bankinfosecurity.com/id-theft-red-flags-4-high-risk-areas-a-1700