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JVC to release Red Flags Rule CD

September 04, 2009

New York--In October, the Jewelers Vigilance Committee (JVC) will release its Red Flags Rule compliance kit on CD, according to a press release from the New York-based organization.

Set to take effect on Nov. 1, the federal Red Flags Rule will require retail jewelers who offer credit card programs or other credit facilities to consumers to implement a written identity theft prevention program to prevent thieves from stealing information for purposes of fraud.

The Federal Trade Commission pushed the Red Flags Rule enforcement date back from Oct. 1 to Nov. 1 to give businesses more time to understand the program.

The JVC Red Flags Rule compliance kit, sponsored by GE Money, will contain easy-to-use forms, templates and guidance for jewelers to develop their own Red Flags Rule identity theft prevention program, according to the release.

The kit will include step-by-step templates covering a variety of topics, including:

--Who must establish a Red Flags program.
--What accounts are covered by the Red Flags program.
--How the Red Flags Rule fits with other data security measures currently in place.
--Administering the program and educating staff.

Under the law, companies that offer credit to customers, either through in-house financing, branded credit card programs, layaway facilities or any other credit arrangement, must comply, the release states.

The rules require businesses to establish a written program designed to detect "red flags"--such as alerts from a credit reporting company about suspect identification documents or suspicious Internet activity--that are a signal someone is attempting to steal another person's identify information, and put in place a program to prevent such theft.

It must be integrated into the daily operations of the business and can be tailored to the risks a specific credit program presents.

Beginning in October, retailers will be able to purchase the kit on JVC's Web site, JVCLegal.org. The cost is $50 for members and $100 for non-members.
For more information on the Red Flags Rule, visit the JVC's site.
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