The U.S. Federal Trade Commission announced it is seeking comment on whether it should alter the Red Flags Rule and Card Issuers Rule. The two rules require financial institutions and creditors to take steps to detect instances of identity theft. The FTC listed out the topics it wants to be covered in the comments, such as the benefits the rules give to consumers, whether there is a continuing need for specific provisions within the rules, what costs the rules have imposed on consumers and businesses, and whether there are any types of creditors not currently included that need to be covered by the Red Flags Rule. The agency will accept comments until Feb. 11.
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