Express Business News

With damages exceeding over $547 in the U.S. in 2004 alone, consumer fraud and identity theft is a rapidly growing crime that effects everyone. Consumers and businesses alike are victimized daily by thieves using your personal and financial information to steal your identity. A great deal of these crimes could have been prevented if this confidential information had been destroyed before it was discarded. The most effective to destroy unwanted sensitive information is to shred it with a Dahle paper shredder. Below you can find some of the most recent industry information regarding new laws aimed at preserving your privacy.

For more information on how a paper shredder can protect you against Identity Theft, please visit Paper Shredders Info or shop for a new paper shredder at Factory Express.

Identity Theft
Since Identity Theft causes billions of dollars in damages to the U.S. alone, the President recently signed a new bill to increase criminal penalties for those found guilty of identity theft. This new law (P.L. 108-275) creates the crime of aggravated identity theft for crimes that involve felonies. A prison sentence of two years is added to the felony conviction and those who commit ID theft while perpetrating a criminal act will be given an additional 5 years in prison. Follow this link for a copy of the Federal Trade Commissions report on National and State Trends in Fraud & Identity Theft for 2004. If you would like more information on identity theft please visit the Federal Trade Commission's website regarding this crime.

FACTA
Due to the rising increase in Identity Theft every year, Congress has enacted the Fair and Accurate Credit Transactions Act of 2003. The disposal portion of this law will take effect June 1, 2005 and require all employers to properly dispose of any information derived from a consumer credit report before it is discarded. After this time you can be held legally responsible for any fraud that results from your information.

This new law effects all business owners even if they only employ one person. The following link will provide detailed information regarding FACTA's Records Disposal Rule.

HIPAA
In the first criminal conviction under the HIPAA Act, a Seattle cancer center employee was found guilty of stealing a cancer patients name, date of birth, and Social Security number. He used this personal information to obtain credit cards and charge over $9,000.

Richard Gibson was convicted of violating the HIPAA Act because he knowingly disclosed another person's identifiable health information for the intent of personal gain. Under the terms of his plea agreement, Gibson faces up to 10 years in prison. For more information regarding HIPAA, please visit the U.S. Department of Health and Human Services website.

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