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Neil Posner is Chair of the Policyholders' Insurance Coverage group at the Chicago area law firm of Much Shelist

The Red Flags Rule, which was signed into law on Dec. 18, 2010 and took effect Jan. 1, 2011, requires many businesses and organizations to implement a written identity theft prevention program designed to detect the warning signs — or “red flags” — of identity theft in their day-to-day operations. Specifically, financial institutions, creditors, users of consumer reports, and issuers of credit and debit cards must comply with the new regulations or face significant, even criminal, consequences.

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