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FOR IMMEDIATE RELEASE
Veratad Technologies Prepares
Businesses to Meet December 31, 2010
FTC Red Flags Rule Enforcement
Deadline
TEANECK, NEW JERSEY, November 22,
2010 – Veratad Technologies,
LLC, a world class provider of
Identity Verification and Compliance
Solutions, announced today the
addition of significant enhancements
to its Online Red Flags Rule
Compliance software designed to
assist businesses with meeting the
December 31, 2010 FTC Red Flags
enforcement deadline. The
enhancements include new learning
modules for administrators and
employee training, as well as
simplified access to Veratad’s
online identity verification
solutions, IDMatch SM and
IDMatch+PLUS SM .
The Red Flags Rule was developed
under the Fair and Accurate Credit
Transaction Act (FACTA) to protect
consumers from the devastating
effects of identity theft. The Rule
requires “creditors” with “covered
accounts” to create and implement a
written Identity Theft Prevention
Program (ITTP) for the purpose of
detecting and preventing America’s
fastest growing white collar
crime-Identity Theft.
“Veratad’s core online Red Flags
compliance solution includes all the
required components assuring
compliance with the Rule,” said
Pattie Dillon, Veratad’s President.
“These enhancements to our solution
make it easier for program
administrators to understand the
Rules, more easily fulfill employee
training compliance requirements and
provide automatic access to
Veratad’s online virtual identity
verifications.”
The scope of businesses required to
comply with the Rules has been
debated since inception; that said,
along with the most recent delay,
the FTC has urged Congress to
swiftly enact legislation resolving
any present and future challenges to
the Rule. Earlier this year, the FTC
extended the enforcement deadline to
from June 1, 2010 to December 31,
2010 with notice that in the event
Congress passes clarifying
legislation prior to December 31st ,
the FTC is prepared to enforce the
law at that time.
“Businesses should be prepared now
for Red Flags enforcement,” says
John Ahrens, Veratad’s Managing
Director, “the FTC has strongly
encouraged Congress to clarify the
scope of entities covered by the
Rule and that clarity can be made at
any time bringing enforcement upon
us sooner than the December 31
deadline. In any case, we are
recommending that our customers and
all businesses subject to the Rules
be ready for enforcement in advance
of the announced December 2010
deadline.”
About Veratad Technologies, LLC
Veratad Technologies, LLC (
www.Veratad.com) is a world class
provider of real-time online
Identity Verification and Knowledge
Based Authentication Solutions
designed to verify an individual’s
identity and age while maintaining a
high level of consumer privacy. In
addition, Veratad offers a unique
online Red Flag Rules Compliance
tool for the creation of an ID Theft
Prevention Document and Employee
Training designed to meet the
compliance requirements of FACTA.
For More Information Contact:
Tom Canfarotta
Senior Account Executive
Veratad Technologies, LLC
Teaneck, New Jersey
P: 201-510-6000 ext 120
F: 201-510-6036
info@veratad.com
Forward-Looking Statements
In
addition to the historical
information contained herein, this
press release contains forward
-looking statements, such as
statements regarding the Company's,
and the combined companies',
anticipated future performance,
including the ability of the
combined companies to expand
verification and e-commerce
capabilities; to increase product
offerings and the size of the
distribution channel; as well as
statements containing the words,
"believes," "intends,", and similar
words. Such forward-looking
statements involve known and unknown
risks, uncertainties and other
factors which may cause the actual
results, performance or achievements
of the Company, or industry results,
to differ materially from any future
results, performance or achievements
expressed or implied by such
forward-looking statements. Such
factors include, among others: the
Company's limited operating history
and variability of operating
results; competition in the
electronic verification and commerce
market; the ability of the combined
companies to successfully offer the
market expanded verification and
privacy tools and e-commerce
capabilities and services and the
market's acceptance of such
offerings, and other risk factors
referenced in this release. |
