Huge Need for Red Flag Info, FIS Seminars Suggest

Fidelity National Information Services, a Jacksonville, Fla. provider of fraud detection software, says it has been packing 350 to 500 bankers into its information seminars on the ID Theft Red Flag Rule to take effect Nov. 1.

Fidelity's comments to BS&T follow a recent report by Information Security Media Group, Princeton, N.J., that almost half of all financial institutions doubt they will make the November deadline.

Kay Nichols, executive vice president of Fidelity's fraud detection software provider, FIS Decision Solutions, told BS&T that Fidelity is seeing a huge response to its regional information seminars, offered within the past 30 days.

"There are 26 Red Flag requirements and small banks can't afford compliance consultants," Nichols said. That's why they find the online compliance coach Fidelity offers particularly helpful, she said.

Fidelity has already sold, Nichols said, "40 or 50" licenses for its new package, the self-explanatory Red Flag Solution Offering.

"Red Flag is probably one of the biggest drivers of our business this year," she added.