We want to make sure that you are aware of the new troublesome Federal Trade Commission rules that become law on January 1, 2011. The rules are meant to help detour identity theft. These rules are referred to as the “Red Flag Rules” and impact every company that bills customers. This is not specifically for credit cards but rather for billings that you send out.
If you are not in compliance, quite possibly you could be subject to a fine of $2,500 per occurrence plus a $3,500 civil penalty.
If you are not yet aware of this new requirement and would like more information you can find more information on the Kopsa Otte website at
http://www.kopsaotte.com/tax/documents/RedFlagMemo.pdf
It is a pleasure serving you.
