Identity Theft Federal Trade Commission

News & Analysis as of

What is reasonable? The emerging legalities of cybersecurity post-Wyndham

This month’s edition of the Advanced Cyber Security Center’s newletter includes my discussion of lessons to be learned from the Wyndham decision: Historically, security was an issue reserved in a back room for the IT...more

It’s Official: FTC Has the Authority to Police Cybersecurity

In a resounding win for the Federal Trade Commission (“FTC”), the Third Circuit unanimously affirmed the FTC’s power to regulate cybersecurity under the unfairness prong of the FTC Act (15 U.S.C. §45). FTC v. Wyndham, Case,...more

IRS declares identity protection services not taxable

The IRS announced last week that the value of identity theft protection services are not taxable and do not have to be included in gross income calculations for tax purposes. Identity theft continues to be the number one...more

Privacy & Cybersecurity Update - July 2015

Seventh Circuit Decision May Make It Easier for Class Action Plaintiffs to Establish Standing in Data Breach Cases - The Seventh Circuit has issued a decision that could make it much easier for class action plaintiffs to...more

Regulators Keep Their Feet on the Gas in Actions Against Auto Lenders; NY AG Latest to Bring Suit

Why it matters - The automotive industry is continuing to face heavy scrutiny from regulators. On the heels of a Federal Trade Commission operation and new oversight from the Consumer Financial Protection Bureau, the...more

Taxpayer Identity Theft

Recently, there has been a spike in felons filing fraudulent income tax returns seeking refunds. The identity thief merely acquires a taxpayer’s name, address and Social Security Number, and files a return with a different...more

FTC says self-reporting is likely to result in more favorable resolution

Last week, the FTC encouraged companies to self-report data breaches with the promise of more likely favorable treatment. The statement comes in a blog post, authored by Mark Eichorn, an Assistant Director in the FTC Bureau...more

A Winnable Fight Against Crimes In Cyberspace

California boldly made an example out of a felonious website owner who operated a website dedicated to shaming, embarrassing and harassing complete strangers. Following the first ever prosecution of the operator of a “revenge...more

From Russia With Love: ‘Do svidaniya’ Peace Of Mind, Hello Information Security Training

So, this is rather embarrassing to admit, but I am one of those people that knows exactly what to do when your personal information is stolen. It’s not embarrassing that I know what to do. It’s embarrassing why I know what to...more

FTC Uses Its "Unfair Acts" Power to Go After PHI Security Breach

The Federal Trade Commission (FTC) is moving forward with an administrative action against a small medical laboratory that suffered two data security breaches, resulting in its patients’ protected health information falling...more

FTC, PIRG complaint reports highlight consumer dissatisfaction with debt collection industry

The FTC released its annual Consumer Sentinel Network Data Book on February 27, 2014, providing national and state-by-state data on consumer complaints received by the FTC, all U.S. and Canadian Better Business Bureaus, the...more

Impact of the SEC and CFTC Issuing Final Identity Theft “Red Flag” Rules

On April 19, 2013, the Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission (“CFTC” and, together with the SEC, the “Commissions”) published final rules (“Red Flag Rules”) in the Federal...more

Revised FTC Guide on ‘Red Flags’ Identity Theft Rule Published

UPDATE: The Federal Trade Commission recently issued a revised guide on the Red Flags Identity Theft Rule, designed to help businesses comply with the requirements of the Rule. Compliance with the Red Flags Rule for entities...more

Amended Red Flags Rule now in effect – are you still a creditor?

The FTC’s amended definition of “creditor” within the Red Flags Rule is now in effect. The definition is narrower in scope, but under it, a franchisor may still qualify as a “creditor.” For instance, if you use a...more

FTC Revises Red Flags Identity Theft Rule Business Guide

On June 12, the FTC issued revised guidance to help firms comply with its Red Flags Rule, which requires covered firms to monitor for and respond to certain “red flag” warnings of customer identify theft....more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - June 14, 2013


SEC and CFTC Adopt "Red Flag" Identity Theft Rules

The SEC and the CFTC recently issued final rules requiring certain regulated entities that qualify as either "financial institutions" or "creditors" to adopt programs to identify and address the risk of identity theft...more

“Red Flag” Compliance Requirements Come to Investment Advisors, Broker-Dealers

It has been several years since the Federal Trade Commission’s Red Flag Rule took effect; and the banking regulators have had the Red Flag Interagency Guidance in place since 2007. Finally, entities regulated by the...more

FTC Releases Annual List of Top Consumer Complaints: Identity Theft, Debt Collection, Banks and Lenders, and Credit Cards Make Top...

The Federal Trade Commission has released its annual report listing the top consumer complaint categories for 2012. Identity theft once again topped the list, representing 18 percent of consumer complaints. The overall number...more

FTC Databook Highlights Consumer Fraud

The FTC last week announced the release of the Consumer Sentinel Network Databook for January – December 2012. The “Consumer Sentinel Network” is the FTC’s platform for law enforcement collaboration on issues affecting...more

Blood Bank Data Breach Class Action Settlement Preliminarily Approved by California District Court Judge

In Johansson-Dohrmann v. CBR Systems, Inc. et al, No. 3:12-cv-01115 (S.D. Cal., filed May 7, 2012), the latest data privacy class action to reach settlement, Judge Michael M. Anello on February 5, 2013 granted preliminary...more

Wow! Government Amends Red Flags Rule to Make it Narrower

Congress, FTC Restrict Definition of “Creditors” who must Adopt a Formal Plan to Prevent, Detect ID Theft In journalism, the adage goes, “man bites dog” is news. The regulatory equivalent should be “government amends...more

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