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New law and need for security feed demand for document shredders
by Kevin J. ShayStaff Writer
July 8, 2005
Copyright © 2005 The Gazette - ALL RIGHTS RESERVED
The federal government's efforts to crack down on identity theft have bolstered an already-burgeoning industry: document shredders.
The Federal Trade Commission's Fair and Accurate Credit Transactions Act of 2003, which took effect last month, requires companies to destroy consumer report documents such as credit reports, insurance claims and residential and medical histories.
Industry experts expect the shredding trend to snowball.
"There is already another generation of federal and state laws on the horizon that will be even stronger," said Bob Johnson, executive director of the National Association for Information Destruction in Phoenix, an industry organization with more than 500 members.
There are about 2,000 companies in the U.S. and Canada that destroy documents, about triple the number in 2000, Johnson said. That number should continue to grow, aided by the new laws, he said.
About 9.9 million Americans fall prey to identity theft each year, according to an FTC random telephone survey in 2003. A similar survey by Javelin Strategy and Research of Pleasanton, Calif., and the Better Business Bureau released earlier this year put the number at 9.3 million for 2004, down from 10.1 million in a Javelin report in 2003.
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Click Here to Learn More About Paper Shredders
Click Here for the Best Prices on Paper Shredders
July 8, 2005
Copyright © 2005 The Gazette - ALL RIGHTS RESERVED
The federal government's efforts to crack down on identity theft have bolstered an already-burgeoning industry: document shredders.
The Federal Trade Commission's Fair and Accurate Credit Transactions Act of 2003, which took effect last month, requires companies to destroy consumer report documents such as credit reports, insurance claims and residential and medical histories.
Industry experts expect the shredding trend to snowball.
"There is already another generation of federal and state laws on the horizon that will be even stronger," said Bob Johnson, executive director of the National Association for Information Destruction in Phoenix, an industry organization with more than 500 members.
There are about 2,000 companies in the U.S. and Canada that destroy documents, about triple the number in 2000, Johnson said. That number should continue to grow, aided by the new laws, he said.
About 9.9 million Americans fall prey to identity theft each year, according to an FTC random telephone survey in 2003. A similar survey by Javelin Strategy and Research of Pleasanton, Calif., and the Better Business Bureau released earlier this year put the number at 9.3 million for 2004, down from 10.1 million in a Javelin report in 2003.
Read Full Story
Click Here to Learn More About Paper Shredders
Click Here for the Best Prices on Paper Shredders
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