Identity theft, combined with the plague of methamphetamines and new federal privacy laws are now making business records destruction a hot issue for businesses. In the past, old records could just be sent to the landfill or recycled, but because of privacy issues, firms must now take care to not breach their clients' and employees' privacy, along with protecting a firm's proprietary business information.
Last year, Congress passed the new privacy law with strict document disposal regulation. The intent is to combat consumer fraud and identity theft and protect privacy required in the Federal Fair and Accurate Credit Transactions Act (FACTA). But that is not all. At this time there are five new major laws in front of Congress that will mandate even more strict regulations than last year's FACTA. One proposed law has penalties of $5,000 to $35,000 per day for violations.
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Last year, Congress passed the new privacy law with strict document disposal regulation. The intent is to combat consumer fraud and identity theft and protect privacy required in the Federal Fair and Accurate Credit Transactions Act (FACTA). But that is not all. At this time there are five new major laws in front of Congress that will mandate even more strict regulations than last year's FACTA. One proposed law has penalties of $5,000 to $35,000 per day for violations.
Read more.
