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FINDING THE RIGHT SOLUTION
By Joe Bartolone
The Red Flag Rule will defi nitely be a hot topic at this year's National Automobile Dealers Association (NADA) convention. Here are a few questions to help you fi nd the right solution.
- What element(s) of the Red Flag Rule does your solution
address? Total or partial solution
- What training solutions are included with your solution?
(e.g., onsite, online, other types of media)
- How does your solution identify and detect red flags?
You want to know how much of the process is manual,
electronic, and whether the solution can be utilized with an
existing technology.
- How will your solution help prevent and mitigate identity
theft? What part of the solution is subjective and based
on statistical analysis? And what part offers true identity
verifi cation? Does the solution offer out-of-wallet challenge
questions, or information typically not found in a person's
wallet?
- What is the cost of your solution? Technical solutions
can be transaction-based or based on an annual no-limit
fee. Consulting services are generally based on a daily rate
plus expenses. Attorney's fees could be hourly or daily.
- Do you offer a template solution for the Red Flag program?
A template solution is easily customizable and more cost-effective than custom solutions.
- How long will it take to implement your solution? In addition
to time, consider how intrusive the implementation of
the solution may be to your daily operations.