| FACTA and GLB OH MY!!!!!! |
What is FACTA and GLB?
FACTA is the Fair and Accurate Credit Transactions Act
GLB is the Gramm, Leach, Bliley Act
FACTA is the Fair and Accurate Credit Transactions Act
- Applies to any business, regardless of size, that collects personal information or consumer
- reports about customers or employees to make decisions within their business (including
social security numbers, names, credit card numbers, birthdates, home addresses and
more. . . Known as NPI: Non-personal Information).
- Signed into Law on December 4, 2003.
- Provisions of the Law have been phased in over the past few years, and all are now in
- effect.
- New provisions also create serious new responsibilities – and potential liabilities – for
- businesses nationwide.
GLB is the Gramm, Leach, Bliley Act
- Applies to organizations that maintain personal, non-public, financial information regarding
- its clients or customers.
- Eight Federal Agencies and any State can enforce this law.
Why should businesses be concerned?
About FACTA?
If data aiding an identity theft originates from a security breach at your company, you could be
sued, fined, or become a defendant in a class-action lawsuit by affected employees whose personal
information has somehow gotten out.
About GLB?
Non-Public Information (NPI) lost under the wrong set of circumstances may result in:
These laws apply to any organization including:
About FACTA?
If data aiding an identity theft originates from a security breach at your company, you could be
sued, fined, or become a defendant in a class-action lawsuit by affected employees whose personal
information has somehow gotten out.
- Civil liability. An employee could be entitled to recover actual losses
- sustained if their identity is stolen from an employer. Or an employer
could be liable for statutory damages for up to $1,000 per employee.
- Federal fines. The federal government could fine a covered business
- up to $2,500 for each violation.
- Class action lawsuits. If large numbers of employees are impacted,
- they may be able to bring class action suits and obtain punitive damages
from employers.
About GLB?
Non-Public Information (NPI) lost under the wrong set of circumstances may result in:
- Fines up to $1,000,000 per occurrence
- Up to 10 years Jail Time for Executives
- Removal of management
- Executives within an organization can be held accountable for non-compliance both civilly
and criminally
These laws apply to any organization including:
How can P&W Services help my business?
ADSS - Affirmative Defense Security System
Let's talk so we can better explain the ticking time bomb that's sitting in the middle of your company
and how ADSS can defuse it.
ADSS - Affirmative Defense Security System
Let's talk so we can better explain the ticking time bomb that's sitting in the middle of your company
and how ADSS can defuse it.
| Note: We recommend you Consult Your Attorney On How These Laws May Specifically Apply to You. |
- Financial Institutions*
- Schools
- Credit Card Firms
- Insurance Companies
- Lenders
- Brokers
- Car Dealers
- Accountants
- Financial Planners
- Real Estate Agents
*The FTC categorizes an impressive list of businesses as Financial Institutions and
these so-called “non-bank” businesses comprise a huge array of firms that may be
unaware they are subject to these laws.
these so-called “non-bank” businesses comprise a huge array of firms that may be
unaware they are subject to these laws.
| Tim Pishdad & Cynthia Watkins P&W Services, LLC Partners, The Legacy Group 877-531-5321 info @ PandWservices.com |