HOW DOES FACTA AFFECT YOUR BUSINESS
As a business owner you spend an inordinate amount of your time complying with Federal and State rules and regulations. From licensing to taxes this paperwork is either farmed out or simply added to your “to do” list. What makes this worse is that these tasks distract you from your number one objective – making money.
What you don’t want to do is miss one of the rules and find yourself in a penalty situation- or worse.
One of those rules is FACTA – The Fair and Accurate Credit Transactions Act of 2003. Under this law the Disposal rule commissions you – the business owner – with the responsibility of preventing unauthorized access to or use of your customers’ credit information. Recent class action lawsuits have lead to penalties of up to $2500 per customer affected!
Your responsibilities in this area are simple. Well, as simple as law writing rules will allow. As a business owner you must:
- Burn, pulverize or shred papers containing consumer report information so that the information cannot be reconstructed.
Unless you own an incinerator, burning is not an option. Do you really want to be carting business records home to use them as kindling in your fireplace? The real option is shredding. Again, unless you invest is a top-of-the-line industrial shredder you run the risk of shredding papers that can (and will) be reconstructed by identity thieves. You must perform the same procedures to protect any electronic information.
Our expertise is not in on-line identity theft protection. However, assuming you have taken proper steps to protect your IT systems you may still find yourself with old hard drives or disks that contain this sensitive consumer information. One way to protect this information is to physically destroy the devices using a destruction service provider.
Contracting an independent, document and data destruction vendor is not as simple as picking up the phone and calling a “shred guy”. These contractors must be audited and certified by a recognized trade organization.
The process for secure document and electronic media destruction is a complex one that involves not only the right equipment but rigorous “chain of evidence” procedures that guarantees the material will not fall into the wrong hands.
As a business owner – do you really have the time to do all the work necessary to comply with FACTA yourself? More importantly – how much is your time worth?
Needless to say, our advice is to hire a licensed, bonded information destruction firm like Office Paper Systems. We are fully compliant, independently certified and utilize state-of-the-art equipment required to protect your customers from identity theft.
You can also take advantage of our free shredding service, freesecureshredding.com, and we will securely destroy printed and digital media for free through our drop off program.
Your customers patronize your business because they trust the quality of your products or services. Make sure you continue to earn their trust by protecting their credit information. It’s not only good business – it’s the law.