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New identity theft regs impact certain jewelers

August 14, 2009

New York--The Jewelers Vigilance Committee (JVC) is reminding jewelry retailers that those who offer customers credit through in-house financing, branded credit card programs, layaway facilities or any other credit arrangements, must have an identity theft prevention program in place by Oct. 1.

The requirements are part of the Federal Trade Commission's new "Red Flags Rule," which has been in effect since Jan. 1, 2008. The FTC rule is designed to prevent thieves from stealing identity information for fraudulent purposes, the JVC said in a media release issued on Friday.

Financial institutions and creditors must comply with the guidelines. However, jewelry businesses that only accept credit cards as a form of payment are not considered creditors, and therefore do not have compliance obligations, the JVC says.

The rules require a business covered by the rule to establish a written program designed to detect "red flags" that might indicate a criminal's attempt to steal identity information, and to put in place a program to prevent such thefts. This program must be integrated into daily business operations and can be tailored to the risks that a business' own credit program presents. Examples of "red flags" include alerts from a credit reporting company about suspicious identification documents, or activity on the Internet that indicates an attempt to access identification information by an unauthorized third party, according to the JVC.

The JVC's Web site, JVCLegal.org, will include information and updates about the new Red Flags regulations. The JVC is also developing an easy-to-use Red Flags compliance program on CD for jewelers who must comply with the new regulations. The CDs will include forms and templates for jewelers to customize and adapt for their individual businesses and will be available for sale at a "modest cost" on the JVC's site with discounts given to members, the release said.
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