FACT Act/Identity Theft Prevention Program Testing

In 2003, Congress passed the Fair and Accurate Credit Transactions Act (FACT Act or FACTA), a law to help consumers understand their credit rights. This law allows consumers a free credit report every 12 months and improves the accuracy of credit report information. It is also designed to help consumers understand their credit rights and credit reports, and protects against identity theft.

FORVIS provides FACT Act and Identity Theft Prevention Program testing services which include identification and verification of the effectiveness of a financial institution’s FACT Act and Identity Theft Prevention Program as established in Section 114 of the Fair and Accurate Credit Transactions Act (FACT Act) that address Red Flag Regulations and Guidelines.

Components of the Program testing include the following:

• Program Policy
• Covered Account Risk Assessment Processes
• Red Flags/Procedures
• Monitoring Systems/Processes
• Red Flag Departmental Procedures
• Incident Response Procedures
• Service Provider Oversight
• Employee Training