JACKSONVILLE, Fla. — Financial institution services provider Fidelity National Information Services Inc. (FIS) has announced the availability of FIS Red Flag service, a new, integrated fraud mitigation and compliance solution. The new system was designed to help financial institutions comply with the Red Flag provisions of the Fair and Accurate Credit Transactions (FACT) Act.
"Financial institutions have to take rapid action to meet the stringent regulatory demands of this rule and its looming Nov. 1, 2008 compliance deadline," said Kay Nichols, executive vice president, FIS. "Our approach is to help financial institutions evaluate the ID theft prevention programs they have in place and supplement those with additional components needed for a complete solution with the least cost and hassle."
The company reported that nearly 9,000 financial institutions rely on FIS for account-opening decisions. As an add-on component to the company's full account decisioning suite, FIS Red Flag service will help those institutions manage, track and demonstrate compliance by leveraging existing account decisioning solutions.