Certified Red Flag Specialist (CRFS)™
The Certified Red Flag Specialist™ (CRFS) professional designation is a leading identity theft prevention training and certification program which is designed for identity theft and loss prevention professionals especially the employees, consultants and auditors of high risk organizations. Identity Management Institute (IMI) administers the CRFS program and uses certification standards closely aligned with the United States Red Flags Rule which requires domestic and international financial institutions and creditors with high risk accounts operating in the United States to develop and implement an Identity Theft Prevention Program ("Program") to identify, detect and mitigate identity theft red flags or warning signs. In order to minimize business losses and comply with identity theft laws, companies facing identity theft risks must have qualified employees or consultants who can develop, implement and manage an effective identity theft prevention program. Additionally, operations employees who can identify, detect and stop identity theft before transactions are completed must also be trained to comply with the established policies and procedures and ensure the effectiveness of the identity theft prevention program. For additional information regarding Certified Red Flag Specialist™ (CRFS) designation and Red Flag regulation, please download the CRFS program overview.
The Certified Red Flag Specialist™ (CRFS) Critical Risk Domains (CRD) define the specific knowledge and experience areas used for training, testing and certification. The CRFS Critical Risk Domains have been carefully developed in alignment with the Red Flags Rule as follows:
- Regulation
- Program Administration
- Risk Assessment
- Red Flags
- Program Management
Who Should Become a CRFS? What is a Covered Account? Application Process The cost of the initial CRFS exam or petition is $295 for current members which also includes the study guide for exam candidates. The initial membership application fees are $95 for new members and all repeat exams cost $195. Please visit the membership page for more information. Certificate Maintenance
Many individuals contribute to a company’s identity theft prevention and compliance efforts either directly or indirectly who must consider earning the Certified Red Flag Specialist™ (CRFS) designation. Such professionals include oversight members, managers, employees, consultants, examiners and auditors of high risk organizations including financial institutions and creditors as defined by the Red Flags Rule. Operations staff who must stop identity theft as it occurs are the weakest link in the battle against identity theft and must be given special attention with proper training in order to ensure they follow the established policies and procedures to prevent identity theft.
CRFS Benefits
Certain companies and their customers increasingly face identity theft threats with dire consequences regardless of how or where personal information was obtained by identity thieves. The US Red Flags Rule was created with the acknowledgment of this real danger and assumption that personal information of consumers will continue to be lost, stolen and used to commit identity fraud. As such, companies must train dedicated staff to develop, implement and maintain an effective identity theft prevention program to identify, detect and mitigate identity theft before it occurs in order to minimize losses and impact to customers while complying with the laws.
A Certified Red Flag Specialist™ (CRFS) designation demonstrates that an individual is familiar with the latest identity theft threats, solutions, and regulatory requirements to help his or her company effectively prevent identity theft by participating in various stages of the identity theft prevention process such as policies and procedures development, risk assessments, staff training, management and reporting, third party assessment, auditing and examination, as well as red flag detection and mitigation.
All individuals involved in identity theft prevention efforts must obtain continuing education and renew their identity theft prevention certification annually to ensure they stay current with the latest identity theft threats, solutions and laws.
High Risk Companies
Many industries and companies face increasing threats of identity theft which must be addressed for minimizing fraud costs, increasing consumer confidence, and complying with various laws. Such high risk companies include financial institutions and creditors with high risk accounts or "covered accounts" such as:
A covered account is a high risk account used for small business, personal, family, and household purposes involving multiple payments or transactions. Covered accounts include credit card accounts, mortgage loans, automobile loans, margin accounts, cell phone accounts, utility accounts, checking accounts, revolving credit accounts, and savings accounts. Please refer to the CRFS overview document for additional information regarding covered companies and accounts.
The CRFS designation can be obtained through an examination or a petition allowing experienced professionals to become certified without taking the exam before March 31, 2012. The petition is only available to IMI members who have two years of experience in CRFS Critical Risk Domains within covered entities. Please refer to the CRFS Application for details (pdf), or (Word).
Exam Training and Format
Candidates can study for the exam using a study guide which is provided with a paid application and take the exam online. The exam consists of 100 multiple choice questions. Take a short practice exam now to learn more about CRFS.
Group training and examination can also be administered onsite for all international locations. Please contact IMI for details.
Application Cost
Group training and examination discounts are also available. Please contact IMI for details.
Certified professionals must obtain and submit 60 hours of continuing education every 3 years, adhere to the IMI code of ethics, and maintain their annual active membership.
Please download the CRFS program overview document for additional details regarding the Red Flags Rule, covered entities and accounts, candidate profile, petition, and exam process, format, and cost.