We are dedicated to bringing you an updated list of news stories important to your business.Tuesday, February 14, 2006
The 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Originally enacted in 2003 with the new disposal provision effective June 1, 2005, FACTA (Fair and Accurate Credit Transaction Act) gives more rights to victims of identity theft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.
More on FACTA
Shop for Shredders
Originally enacted in 2003 with the new disposal provision effective June 1, 2005, FACTA (Fair and Accurate Credit Transaction Act) gives more rights to victims of identity theft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.
More on FACTA
Shop for Shredders
Subscribe to Posts [Atom]
