It was published in the Federal Register on November 24, 2004 [69 Fed Reg 68690], and is available at
www.ftc.gov/os/2004/11/041118disposalfrn.pdf.

All companies in the United States are affected by this legislative act.

FACTA was designed to lower the risk of identity theft and consumer fraud. It enforces the proper destruction of consumer information, such as name, address, SSN, credit information. Also included in this bill is the necessity to destroy data compiled from this information.

"Any person who maintains or otherwise possesses consumer information, or any compilation of consumer information, derived from consumer reports for a business purpose" in electronic or paper form must "take reasonable measures to protect against unauthorized access or use of the information in connection with its disposal." - or to "properly dispose of such information or compilation".

FACTA basically requires that all businesses - regardless of size and industry - properly protect and dispose of the personal information they collect about their customers and employees.

This case demonstrates our intention to challenge companies that fail to protect adequately consumers sensitive information", said Deborah Platt Majoras, Chairman of the FTC.

In the U.S. alone, 5 percent of adults – about 10 million – are victimized by identity theft each year. To control the huge costs and liabilities to businesses and consumers, the Federal Trade Commission (FTC) has issued the “Red Flag” rules as part of the Fair and Accurate Credit Transactions Act (FACTA).

“Six federal banking regulators, including the U.S. Federal Reserve, FDIC and Office of Thrift Supervision, last November issued final rules clarifying what U.S. banks and credit institutions would have to do to comply with Red Flag provisions of the 2003 Fair and Accurate Credit Transaction Act (Facta).

The rules are crafted to ensure that banks and credit service providers nationwide have comprehensive, up-to-date identity theft and online fraud prevention systems in place. Financial industry participants have until Nov. 1 to be in compliance.

The impending deadline and the rush to ensure compliance has prompted EMC (NYSE: EMC) and its IT security division, RSA, to combine their respective consulting and identity protection and verification systems technology initiatives to offer banks and credit institutions a comprehensive, "holistic" solution that ensures Facta Red Flags compliance. “ - By Andrew K. BurgerCNN

Contact us, we can help you with FACTA Compliance! compliance@oryxcompaniesna.com