New identity theft law

In 2008, Section 114 of the Fair and Accurate Credit Transactions Act (FACTA) was passed. This ruling requires financial institution agencies to address the issue of identity theft. However, the term “financial institution” is much more broad than one would think. For, this includes any creditor; a person or business that “regularly extends, renews or continues credit to others. In addition, this includes those who conduct business where they offer “covered accounts” with personal, family or household customers that involves any multiple payment type of plan.

 

 

This responsibility is now falling on businesses, because it is believed that a contributing factor in the increased incidents of identity theft is related to lax business practices when it comes to the non-public information of others.   Read Here