Triple Protection Auto Care Inc. (Tri-PAC), a provider of identity theft solutions for the retail automotive industry, announced additional Red Flag Rules coverage for dealers enrolled in their INFORMATION DEFENSE — Information Security & Incident Response Program.
On Jan. 1, 2008, new legislation went into effect that requires financial institutions, which includes automotive dealers, to implement an “Identity Theft Prevention Plan.” The new legislation, Section 114 of the Fair and Accurate Credit Transaction (FACT) Act, commonly referred to as “Red Flag Rules,” requires dealers to implement procedures to detect when a person is using false information to purchase a motor vehicle, what to do when the situation occurs and how to notify the person whose information was used by the identity thief.
“Basically, dealers need to know how to detect an identity thief, deal with the culprit and then notify the person whose identity has been stolen. If they don’t, they can possibly be held liable for damage done to the person whose personal information was compromised,” said Keith Cooper, president/COO of Tri-PAC. “Our INFORMATION DEFENSE program significantly decreases the exposure, amount of time, effort and expense dealers will face due to these new rules.”
As a powerful risk-management tool, Tri-PAC’s INFORMATION DEFENSE provides dealers with a customized (proactive and reactive) operational “Red Flag” solution that defends and recovers their customer’s good name AND defends and recovers the dealer’s reputation while providing a potential revenue stream. Additional benefits of INFORMATION DEFENSE include:
-Information Security “best practices” — Automated Assessment and Impact Analysis
-Mitigation strategy for major risks (Data Breach)
-Incident Response Guide (required by legislation)
-Prioritized risk profile and insurance component funding for post-incident response expenses (AM Best Rating A+)
-Education, training and testing on identity theft awareness for dealership personnel
-Annual assessment and product/regulatory updates
-Point of purchase material to inform customers
-Notification(s) on behalf of the dealer to all person(s) whose information was compromised and used at the dealership
-Enrollment of all dealer customers in Tri-PAC’s Personal Information Recovery Program
-Complete restoration and recovery of customers’ identity to 100 percent pre-event status