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Click Titles Below to Read Complete ArticlesNew Identity Theft Law Impacts Small Businesses
The Fair and Accurate Transactions Act (FACTA) was passed to help protect all of us against identity theft. But, on June 1, 2005, a single provision in this new law says that any employer (even if you employ only one person) that does not properly destroy (i.e., shred) any documents or papers containing personal information about their employees, can be fined by federal and state government, and sued in civil court. There are hundreds of things you can do to minimize liability, which are probably things you already do. Document shredding, redaction of electronically stored information, careful screening of employees who will be coming into contact with personal information of customers and employees, physically locking file drawers with sensitive information, and setting up firewalls on computer equipment connected to the Internet, among hundreds of other solutions, are all good ideas. |
