FACT ACT

Question 1

FACT Act: Created, Enferced, Implemented.

Answer 1

US Congress
FTC
FRB (V)

Question 2

What sections under FACTA help prevent identity theft?

Answer 2

● (SEC. 112) FREEZE, FRAUD ALERTS AND ACTIVE DUTY ALERTS ● (SEC. 113) TRUNCATION OF CREDIT CARD AND DEBIT CARD ACCOUNT NUMBERS. ● (SEC. 114) ESTABLISHMENT OF PROCEDURES FOR THE IDENTIFICATION OF POSSIBLE INSTANCES OF IDENTITY THEFT. (RED FLAG RULES) ● (SEC. 216) DISPOSAL OF CONSUMER REPORT INFORMATION AND RECORDS

Question 3

What section of FACTA deals with Freeze, Fraud and Active duty alert?

Answer 3

(SEC. 112)

Question 4

What section of FACTA prohibits businesses that accept debit cards or credit cards from printing no more than 5 digits of the card number or the expiration date on any receipt?

Answer 4

(SEC. 113) TRUNCATION OF CREDIT CARD AND DEBIT CARD ACCOUNT NUMBERS.

Question 5

What section of FACTA establishes and maintains guidelines for use by each financial institution and creditor regarding identity theft and updates such guidelines as often as necessary?

Answer 5

(SEC. 114) ESTABLISHMENT OF PROCEDURES FOR THE IDENTIFICATION OF POSSIBLE INSTANCES OF IDENTITY THEFT. (RED FLAG RULES).
Maintain guidelines
Check Address
Employee

Question 6

What sec of FACTA requires any person that maintains or possesses consumer information, to properly dispose of any such information?

Answer 6

(SEC. 216) DISPOSAL OF CONSUMER REPORT INFORMATION AND RECORDS. (Burn or Shred)