Certified Identity Theft Risk Management Specialists (CITRMS)
Dedicated To Combating The Epidemic Of Identity Theft and Related Fraud
Listing of CITRMS professionals who provide Risk Management Consulting and Assistance to Individuals & Businesses across the United States.
Ms. Legal IDT Information Source
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FACTA & YOUR BUSINESS
On December 4, 2003 President George W. Bush signed the new Fair and Accurate Credit Transaction (FACTA) Law.
This law addresses Identity Theft in the workplace, was phased in over the past several years and is now in effect. This law applies to any business nationwide,regardless of size that collects personal information on employees or customers or uses consumer reports or investigative reports for hiring purposes.
The Federal Government did not exempt any employer from this law. On January 1, 2008 the Federal Trade Commission (FTC) amended this law and now requires additional requirements (The “Red Flag Rules”) for financial institutions, creditors (any entity that regularly extends, renews, or arranges for the extension of credit) or those that offer covered accounts.
The deadline to comply with the amendment, the Red Flag Rule, is June 1, 2010.
In order to comply with FACTA businesses need to have a written plan describing how sensitive information on employees and customers will be safeguarded and a staff member or company officer designated to be responsible for implementing that plan.
Additionally mandatory training is required for all employees on detection, prevention and response to attacks. You must continue to evaluate and adjust your security plan in light of changes in your business. You must create a mitigation plan and outline how you will repair the damages when a security breach takes place.
Complying with FACTA and/or the Red Flag Rule is not optional. We can assist your company, at no direct cost, in starting the compliance process before a data breach, loss or loss affects your employees or customers. You can reduce your potential liability by taking the proactive steps now.
Please call 210-789-8493 or 888-588-5648 to schedule a no cost consultation with your local representative to discuss how to comply with these laws.
This law addresses Identity Theft in the workplace, was phased in over the past several years and is now in effect. This law applies to any business nationwide,regardless of size that collects personal information on employees or customers or uses consumer reports or investigative reports for hiring purposes.
The Federal Government did not exempt any employer from this law. On January 1, 2008 the Federal Trade Commission (FTC) amended this law and now requires additional requirements (The “Red Flag Rules”) for financial institutions, creditors (any entity that regularly extends, renews, or arranges for the extension of credit) or those that offer covered accounts.
The deadline to comply with the amendment, the Red Flag Rule, is June 1, 2010.
In order to comply with FACTA businesses need to have a written plan describing how sensitive information on employees and customers will be safeguarded and a staff member or company officer designated to be responsible for implementing that plan.
Additionally mandatory training is required for all employees on detection, prevention and response to attacks. You must continue to evaluate and adjust your security plan in light of changes in your business. You must create a mitigation plan and outline how you will repair the damages when a security breach takes place.
Complying with FACTA and/or the Red Flag Rule is not optional. We can assist your company, at no direct cost, in starting the compliance process before a data breach, loss or loss affects your employees or customers. You can reduce your potential liability by taking the proactive steps now.
Please call 210-789-8493 or 888-588-5648 to schedule a no cost consultation with your local representative to discuss how to comply with these laws.
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