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Business and Financial Policies and Procedures


1. What is the Red Flags Rule?
The University is subject to and complies with the Federal Trade Commission (FTC) Identity Theft Red Flags Rule, which is a component of the Fair and Accurate Credit Transactions Act of 2003. It protects individuals from identity theft by requiring financial institutions to identify "red flags," which are defined as a pattern, practice, or specific activity that suggests identity theft might have occurred.

2. My unit sometimes gets requests for access from internal and external auditors. To whom should we refer the request?
Because of the scope and nature of their work, auditors must have access to business and financial records. If an external auditor has requested access, contact your Unit Security Contact. If an internal auditor has requested access, have them contact their Unit Security Contact.

3. Someone just asked me for information, citing the Freedom of Information Act. What should I do?
Submit requests for financial information that refer to the Illinois Freedom of Information Act to the campus Office of Public Affairs. Although financial information maintained by the Offices of Business and Financial Services is public, access may be limited under the Freedom of Information Act.

4. Does the Red Flags Rule mean that the University policy on information security does not apply to my unit?
No, the University policy on Information Security remains in effect; it is complemented and supported by the Red Flags Rule protecting consumer accounts. Other University, campus, and unit-level policies that address identity theft, fraud, and misuse of University ID cards also remain in effect. The Rule does not change existing FERPA (Family Educational Rights and Privacy Act), HIPAA (Health Insurance Portability and Accountability Act), PIPA (Illinois Personal Information Protection Act), and other state and federal laws and regulations.

Last Updated: October 21, 2011 | Approved: Senior Associate Vice President for Business and Finance | Effective: January 2002

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