Soon, you’ll be in the market for another vehicle. Whether it’s a practical vehicle for the family’s summer vacation, sending the kids off to college with reliable wheels, or that little red Porsche you’ve eyed for years, we’re all “in the market” now and then.
As a result of financing or leasing a vehicle, your non-public personal information is put “out there” making the risk of identity theft a very real concern. The privacy risks and realities of financial transactions are real and cost consumers and business billions of lost dollars each year.
In 2007, Congress and federal banking regulators created the Red Flags Rule. Again in 2010, they enacted new legislation narrowing the definition of “a creditor”, and recently updated a list of over 30 recommended practices (Red Flags) to safeguard consumer information.
Auto dealerships are among those financial institutions that are required by the Federal Trade Commission to protect your private information by implementing the Red Flags rules. What are they looking out for? Continue Reading…