Dateline: Fri, 17 Apr 2009
freeNewsArticles Story Summary: “CLEVELAND, Ohio, April 17 (SEND2PRESS NEWSWIRE) — The National Association of Mortgage Brokers (NAMB) has named Majestic Security as preferred provider of the FACTA Red Flag Rules Compliance Module. Majestic Security, an identity theft protection and restoration services provider, offers mortgage brokers best practice solutions including the idBUSINESS Red Flag Compliance Module and ID Experts comprehensive identity protection services.”
A R T I C L E:
CLEVELAND, Ohio, April 17 (SEND2PRESS NEWSWIRE) — The National Association of Mortgage Brokers (NAMB) has named Majestic Security as preferred provider of the FACTA Red Flag Rules Compliance Module. Majestic Security (majesticsecurityidsafe.com), an identity theft protection and restoration services provider, offers mortgage brokers best practice solutions including the idBUSINESS Red Flag Compliance Module (idbusiness.com) and ID Experts (idexpertscorp.com) comprehensive identity protection services.
Mortgage brokers are explicitly required to comply under Federal Trade Commission (FTC) enforcement with Red Flags Rules as part of the 2003 Fair and Accurate Credit Transactions Act (FACTA). The final rules require financial and credit institutions that hold any consumer account, or other account for which there is a reasonably foreseeable risk of identity theft, to develop and implement an Identity Theft Prevention Program. The program must include reasonable policies and procedures for detecting, preventing, and mitigating identity theft and enable a financial institution or creditor to:
* Identify relevant patterns, practices, and specific forms of activity that are “red flags” signaling possible identity theft and incorporate those red flags into the program;
* Detect red flags that have been incorporated into the program;
* Respond appropriately to any red flags that are detected to prevent and mitigate identity theft; and
* Ensure the program is updated periodically to reflect changes in risks from identity theft.
“Earning NAMB’s vote of confidence is a high watermark for Majestic Security, and allows our firm to help brokers avoid enormous business risks related to identity protection,” said CEO of Majestic Security, Jim De Geronimo. “Majestic Security not only provides brokers a complete compliance solution and peace of mind for their business, but also creates a competitive advantage when they enroll in our ‘Because We Care’ borrower protection program.”
The Majestic Security “Because We Care” program extends its identity theft mitigation policy to borrowers by embedding a personal identity theft recovery service from ID Experts into the HUD of a mortgage, at a fraction of its retail price, protecting both the borrower and the broker, while building trust and long-term customer loyalty.
“Mortgage brokers urgently need to become compliant with FACTA Red Flag Rules or face punitive action by the FTC, and possibly the states in which they are licensed,” said Bryan Thornton, creator of the idBUSINESS Red Flag Rules Compliance Module. “An ideal Red Flag Rule compliance solution is built on real world forensic and information security experience. When a solution’s foundation is built upon experience gained from field work with banks and mortgage companies, its capabilities create a footprint broader than the 26 identity theft ‘Red Flags’ itemized by the legislation, and delivers a more comprehensive set of identity theft triggers.”
Through Majestic Security’s idBUSINESS compliance module, brokers can expect to begin meeting the requirements of the law within one hour. Upon satisfying the requirements, lenders can download their own custom Red Flag Compliance plan.
About idBUSINESS
idBUSINESS is the standard Information Security operating system for small- to mid-sized businesses. It provides information security planning tools that identify needs, assess risks, comply with the law, and secure an organization’s data.
idBUSINESS is powered by two leading firms in information security, ID Experts, the nation’s leader in date breach prevention and remediation services, and Net Reaction, providers of forensics and information security planning products and services. To learn more, please visit www.idBUSINESS.com.
All trademarks and service marks are the property of the respective parties.
###
Copyright © 2009 by idBUSINESS and Send2Press® Newswire, a service of Neotrope® – all rights reserved. Information believed accurate but not guaranteed. Sourced on: freeNewsArticles.com.
• Story Title: NAMB Names Red Flag Rules Preferred Provider: Majestic Security Delivers idBUSINESS Red Flag Compliance Module and Offers Borrower Protection
• REFERENCE KEYWORDS/TERMS: idBUSINESS, , , majestic security, Banking and Finance, , , .
IMPORTANT NOTICE: some content which is considered “old” or “archival” may reference an event which has already occurred; some content possibly considered “advertorial” may also reference a promotion or time-limited/sensitive offering, and in all of these instances certain material may no longer be valid. For notably stale content, you should directly contact the company/person mentioned in the text (idBUSINESS); this site cannot assist you with information about products/services mentioned in the news article, nor handle any complaints or other issues related to any person/company mentioned or promoted in the above text. Information believed accurate but not guaranteed as of original date of story [Fri, 17 Apr 2009 13:41:55 GMT].
USE THIS CONTENT FOR FREE: To use this content in your newspaper, broadcast outlet, news portal, blog/ezine or similar, free of cost, CLICK HERE to learn how.