Office of the Controller Procedures

Identity Theft Fraud Prevention Program (Red Flag Rules)

Financial Affairs, Office of the Controller   |   Approved April 3, 2007


Define and establish rules to comply with Federal regulations on preventing identity theft on covered accounts.


UMB Operational Units (schools, departments, divisions) that manage covered accounts.


A covered account is a consumer account that involves multiple payments or transactions, such as a loan that is billed or payable monthly. This would include any type of account or payment plan that involves multiple transactions or multiple payments in arrears, including payroll deduction accounts. A covered account is also any other account that a financial institution or creditor offers or maintains for which there is a reasonably foreseeable risk to customers or to the safety and soundness of the financial institution or creditor from identity theft, including financial, operational, compliance, reputation, or litigation risks. Examples include small business accounts, sole proprietorship accounts, or single transaction consumer Administration and Finance accounts that may be vulnerable to identify theft.

Click the following link for information on managing covered accounts to prevent identity theft:

Financial Services Standard Operating Procedure No. 3011 – Identity Theft Fraud Prevention Program (Red Flag Rules)

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