August marks the month for businesses to implement identity theft programs to comply with the Fair & Accurate Credit Transactions Act of 2003. Title 16 of the Code of Federal Regulations (CFR) Part 681 requires all financial institutions and creditors to establish a written program to detect, prevent and mitigate identity theft. In addition to their own programs, businesses should not neglect their vendors and suppliers who may have access to identifying information (i.e., any name or number that may be used, alone or in conjunction with any other information, to identify a specific person)”]
Source: https://www.csoonline.com/article/2136624/red-flag-rules-and-vendor-relationships.html