The Facts About F.A.C.T.A.
Protect Yourself and Your Business
from Data & Identity Theft by Shredding Your Documents!
Let us show you how!
Fellowes C-220Ci Cross Cut Shredder
- Engineered for continuous document shredding in small offices
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- Warranty (machine/cutter) 3 Year / LifeTime
We have a wide range of shredding solutions for any size business. Our commercial duty shredders are unlike the ones sold in the local 'big box' store or warehouse club. Our shredders have longer warranties and are made to commercial specifications. We also have a full line of U.S. D.o.D. approved shredders for your highly sensitive document destruction requirements.
Call our office or your personal representative for a free demonstration of the Fellowes Cross Cut Shredders today!
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Facts on FACTA
According to a survey of small business owners by zTelligence and Fellowes, most small business owners don't know anything about FACTA legislation, let alone what it means for their business. When asked what acts or legislation were familiar to them, only 13.1% of respondents recognized FACTA. In fact, FACTA was the least recognized response in the grouping of recently passed privacy legislation!
Originally enacted in 2003 with the new disposal provision effective June 1, 2005, FACTA (Fair and Accurate Credit Transaction Act) gives more rights to victims of identity theft and places more responsibility on large and small business owners to destroy personal information that could be used by identity thieves. Personal information means everything from names and phone numbers to social security numbers, credit reports, addresses and employee history.
With FACTA, Congress is attempting to curb the financial losses and emotional distress associated with identity theft. The new provision also sends a message to business owners nationwide that if someone's identity is stolen and the company is found liable, the company can be sued by an individual, embroiled in a class action law suit or fined up to $1,000 by the state, and up to $2,500 per infraction by the federal government. Those may not sound like excessive fines, but most identity thieves don't steal just one name, they steal as many as they can.
FACTA Checklist
Once you know what FACTA is, the next question your company needs to answer is - Are you liable under the new provision? To find out, take the following quiz by checking any of the items that apply to you or your business.
- Are you an individual or business owner that collects information about your customers?
- What kinds of information do you collect?
- Names
- Addresses
- Social security numbers
- Phone numbers
- Credit history
- Employee history
- Phone numbers
- E-mail addresses
- Credit card numbers
- Bank account information
- How do you destroy that information once you are finished with it?
- Throw out/Recycle
- Shred
- Send it out to be destroyed
- Don't throw out, keep everything
Most businesses keep some sort of personal information on file, but the real question is how do you dispose of the information once you are done with it? If you answered, "Shred" or "Send out to be destroyed" in question three then your business is on the right track. The truth is, FACTA covers virtually every business in the country, and your company needs to be prepared to protect your customers' identities.
But what do you need to do? Read the related articles to learn more.
Corporate Document Theft and the Law
Unfortunately, document theft has become a growing problem for businesses. To protect your privacy, the government has passed laws for handling information, and more are on the way. Awareness of the problem and its ramifications and solutions is just smart business.
It's the Law
Improper disposal of important information can result in a security breach like the theft of intellectual property. In addition, there is a growing list of regulations that address information security, privacy and document retention that must be understood by businesses. Non-compliance can result in serious legal problems from violations of:
- FACTA [Fair and Accurate Credit Transactions Act]
New law requiring anyone retaining consumer information for business purposes to destroy the personal information before discarding it.
- GLBA [The Gramm-Leach-Bliley Act]
Requires banking and financial institutions across the United States to describe how they will protect the confidentiality and security of consumer information.
- HIPAA [Health Insurance Portability and Accountability Act]
Requires healthcare providers and hospitals to protect patients' privacy and to ensure the security of patient/client health data.
Who Must Comply
These laws affect virtually all businesses. Your business is held responsible for protecting information if:
- You employ one or more people
- Your business keeps personal information on file for customers or employees
- Your business accepts credit cards for payment
- You buy or sell products on the Internet
- You do a credit check on an employee or potential customer
