Red Flag Compliance announcement

On November 1, 2007, the office of the comptroller of the currency (OCC), Federal Reserve Board, Federal Deposit Insurance Corp. (FDIC), Office of Thrift Supervision (OTS), National Credit Union Administration (NCUA), and Federal Trade Commission (FTC) jointly issued a final rule and guidelines implementing sections 114 of the fair & accurate transactions act of 2003 (FACT ACT).

The rule requires financial institutions and creditors to develop and implement a written Identity Theft Prevention Program to detect, prevent, and mitigate identity theft in connection with certain financial accounts. The guidelines accompanying the final rule are designed to assist financial institutions and creditors in formulation and maintaining a Program that satisfies the requirements of the new rule/

As of August 1, 2009 all banks, mortgage lenders & brokers must comply with the Fair & Accurate Credit Transactions Act Regulation regarding identity theft.  The Federal Trade Commission requires all institutions to implement procedures that are specific to their business.

PCS is proud to announce the release of Precise ID (Fraud Guard) a new technology that will raise the industry standard by delivering a comprehensive, customizable, full solution from a single platform.