FTC Red Flag Rules Wizard (aka Red Flag Wizard) allows you to easily create an Identity Theft compliance plan. Under the Red Flags Rules financial institutions and creditors must develop a written program that identifies and detects the relevant warning signs or red flags of identity theft. These may include for example unusual account activity fraud alerts on a consumer report or attempted use of suspicious account application documents. The program must also describe appropriate responses that would prevent and mitigate the crime and detail a plan to update the program. The program must be managed by the Board of Directors or senior employees of the financial institution or creditor include appropriate staff training and provide for oversight of any service providers.The Federal Trade Commission (FTC) the federal bank regulatory agencies and the National Credit Union Administration (NCUA) have issued regulations (the Red Flags Rules) requiring financial institutions and creditors to develop and implement written identity theft prevention programs as part of the Fair and Accurate Credit Transactions (FACT) Act of 2003. The programs must be in place by November 1 2008 and must provide for the identification detection and response to patterns practices or specific activities known as red flags that could indicate identity theft. The actual enforcement of the regulations have been delayed until June 2010. By that time every creditor is legally responsible to have a compliance plan in place.