Why Shred?

     According to the Better Business Bureau, identity theft is claiming more than 8 million victims annually.  Identity theft has reached epidemic proportions and according to the FBI, it's not only consumers but rather it is costing American businesses in excess of $20 Billion in losses every year.

     You need to be aware of the federal laws mandating that all businesses, healthcare facilities and financial institutions protect the confidential information of their customers, clients and patients.  In order to be in compliance and protect and uphold privacy laws, it is recommended and essential that you establish an office shredding plan that will be easy and simple for everyone to follow.  Failure to comply with Federal and State laws can expose your organization to severe fines, bad publicity and loss of business.

FACTA

The Fair and Accurate Credit Transaction Act (FACTA) requires that any individual or business that maintains personal consumer information must take reasonable care to protect against unauthorized access to this information, and they must also destroy personal consumer information before it is discarded.  Violation of FACTA, which went into effect in 2005, can mean fines and penalties of up to $2,500.00 for each consumer record compromised.

HIPAA

The Health Insurance Portability and Accountability Act (HIPAA) sets national standards for the protection of personal health information, HIPAA, which went into effect in 1996, requires all healthcare providers, including any organization that transmits personal health information, to maintain the confidentiality of this information and to destroy the information before it is discarded.

GLB

The Gramm-Leach-Bliley Act requires that all financial institutions protect the confidential information of their clients.  Banks, credit unions, mortgage companies, investment and financial services firms and insurance underwriters are among those affected.  Fines for violating GLB can be severe.  American United Mortgage Company was fined $50,000.00 for violating GLB.