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Barry Morgan
says
in response to Teo Leonard:
What process only takes a minute?
Teo Leonard
says
in response to Barry Morgan:
Hi Barry,
The process of verifying an identity and following a Red Flags Rule policy only takes a minute when you are setting up a client file.
The time to setup a Red Flags Rule policy varies greatly. IDSure.org has an Identity Theft Prevention Program they generate for their customers such as CPAs and Attorneys, and their program takes on average about 10-15 minutes per firm to generate the policy.
All you have to do is follow it.
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The thought of CPAs, along with Attorneys, arguing exemption from a rule that is designed to stop the effects of ID theft is pretty ridiculous. The reality is that the leadership of the ABA and the AICPA don't get what the Red Flags Rule is about.
Both organizations argue that Identity Theft does not happen in their industry, yet they ignore that Identity Fraud, which this rule is designed to stop, does. Last year, over 530,000 ID Theft victims had fraudulent tax returns filed on their behalf using fraudulent documents and ids. A CPA applying the Red Flags Rule would have avoided the majority of these returns if not all by following a process that takes than a minute per client.
The number involving attorneys is even more staggering. Last year approximately 700,000 ID Theft victims had fraudulent acts perpetrated on them via attorneys services. This included fraudulent wills, trusts, corporation, criminal defense and real estate.
It is frightening that two of the largest business organizations in the US, who deal with our personal and financial data, do not want to take a part in fighting ID Fraud.
The damage on the victims is catastrophic and is nearly impossible to repair. Perhaps when an attorney starts suing the businesses who assist in the fraud for damages, then will these groups step up to the plate.