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Beaverton, OR, United States, 2010/06/04 - IDTELi’s turnkey “Red Flags Business Compliance” Program serves a dual purpose for SBA borrowers by including comprehensive materials and security tools which addresses compliance for both Red Flags Rule and Oregon ID Theft Protection Act.
IDTELi, Inc., a leading provider of identity theft prevention training and security products, is pleased to announce the launch of its new Red Flags Rule-OR SB 583 security program solution. It is designed to help SBA Lenders in Oregon ensure their business clients comply with Red Flags Rule and OR SB 583, also known as the Oregon Consumer Identity Theft Prevention Act. SBA Lenders provide business loans and applicants must meet certain criterion to mitigate lending risks.
However, most lenders overlook identity theft risks and the financial damage this growing problem poses to every small company. The Better Business Bureau recently reported small businesses are prime targets for identity theft with an overall increase of 6% in just the last year. They go on to say that small businesses are the most vulnerable and cannot afford the financial damage resulting from identity theft or a data breach.
Red Flags Rule and OR SB 583 were passed into law in 2007 and 2008 to protect consumers from identity theft resulting from business handling practices regarding personal information. In addition to employee training, these laws require small businesses to have a written ID theft prevention program in place. Aside from meeting legal requirements, a sound program should be considered a key element to every business risk mitigation strategy and “best practices.”
Brenda Eaden, IDTELi President/CEO states “My firm recognized the biggest challenge facing most small businesses is knowing how to implement a security program that will meet compliance standards.” She also said “The majority of Red Flags Rule solutions on the market are essentially guides, or online tools, which still require many days to weeks to do the heavy development lifting, increasing their compliance frustration level. However, the IDTELi affordable Red Flags Program is complete and requires minimal customization.”
Even though IDTELi’s unique comprehensive compliance solution requires only a few hours to complete, the firm felt it could do more to assist businesses. As a result IDTELi is including one hour of free personal consulting to help businesses understand how to deploy their security program. Brenda goes on to say “By providing free consulting, this jumpstart will save considerable time and money to ensure efficacy of their security program, and help the business embrace the importance of meeting compliance which also protects their business from risk.”
IDTELi also realized most businesses were in need of more than a written security program and employee training. Computers are the first place cyber thieves go to easily steal information using a number of malware attack methods which 97% are undetectable by most major anti-virus programs. To further help secure businesses, IDTELi has purchased encryption software licenses which are included with the Red Flags Business Compliance Program at no charge.
More info available at RedFlagsBusinessCompliance.com. IDTELi will rollout its SBA Lender Red Flags Rule and Identity Theft Prevention Program to other states in the coming months.