Are you worried about identity theft? If you’re not, then you should be – at least a little. It’s important to take precautions to protect your personal data from hackers and thieves.
At Gilmore Services, we work closely with clients who are bound by FACTA as well as with individuals who need to protect their identities. Here’s what you need to know about the FACTA red flag rule and how it affects you.
How Common is Consumer Identity Theft?
Consumer identity theft is increasingly common and most likely to affect children and senior citizens. Here are some statistics you should know:
- People who have previously been victims of identity theft are more likely to be victimized again
- Florida has the 4th-highest number of identity theft incidents, with more than 57,000 cases reported in 2018
- One of the fastest-growing types of identity theft is form jacking, where hackers spoof or latch onto a form and steal the information put into it
- Ransomware attacks are down, but account takeovers are up 79%
As our digital defenses have grown more sophisticated, thieves and hackers have kept up. They are constantly finding new ways to steal data and identities – and that means that vigilance has never been more important.
What is the FACTA Red Flag Rule?
The FACTA Red Flag Rule requires any business that allows customers to use or access credit to flag suspicious behavior that might point to attempted identity theft. It requires businesses to write and implement a Theft Prevention Policy that does these four things:
- Identify relevant red flags (actions or indicators that point to identity theft)
- Put a system in place to detect red flags
- Take appropriate actions when red flags are detected
- Update your systems regularly to ensure compliance
The red flags you identify are not mandated by FACTA because they can vary from business to business. Some common red flags include unusual charges or activity, changes of address, suspicious documents, notifications from victims or law enforcement, and warnings from credit agencies.
If your business is bound by FACTA, then it’s your responsibility to implement procedures to adhere to FACTA, including the Red Flag Rule.
How to Maintain FACTA Compliance
As a business owner or manager, it’s your job to ensure that your business complies with FACTA rules and regulations. Part of the solution is partnering with an experienced data management and destruction company to help you provide identity theft protection to your customers.
The key is finding a company with a NAID (National Association for Information Destruction) certification. NAID members must adhere to strict rules about data storage and destruction and partnering with one ensures that your FACTA-regulated data will be handled and destroyed properly.
At Gilmore Services, we have extensive experience with regulatory data storage, including FACTA, HIPAA, and Sarbanes-Oxley. We can help you to create a data management and destruction schedule that ensures your compliance.
We offer our clients a choice of secure on-site and secure off-site shredding. We will deliver secure, locked bins to your business where you can place all documents scheduled for destruction. We will then destroy them securely at your place of business or remove the bins and destroy them at our secure facility.
Our employees are all subjected to extensive background checks and security screenings. No unauthorized person will be allowed to touch your documents and data.
You have a responsibility to your clients to protect them from identity theft and partnering with an experienced document and data destruction specialist such as Gilmore Services is the best way to do it.
Protecting your customers must be a priority. Choosing the right identity theft protection includes partnering with a NAID-certified data destruction company.
Do you need assistance with FACTA compliance? Click here to learn how Gilmore Services can help!