FACTA: Fair and Accurate Credit Transactions Act.     Business Compliance Issues - Special Report

FACTA provides for a range of civil liabilities and penalties for noncompliance.

If your business is found to be non-compliant with the FACTA rules you could be subject to severe fines and possibly even class-action lawsuits.

A business that fails to comply with the FACTA rules can be liable for actual damages in a civil lawsuit brought by anyone whose identity is stolen as a result.

'With unlimited statutory damages [under FACTA] this is a litigator's dream,' says Thomas Hefferon, Partner at Goodwin Proctor LLP.

Here are some possible consequences provided for by the FTC for
non-compliance to FACTA:

Civil Liability -
Actual damages sustained if identity is stolen as a result of corporate inaction. Or statutory damages up to $1,000 per employee.

Class-Action Lawsuits -
If large numbers of employees are affected, they may be able to bring class-action suits and get punitive damages from employers.

Federal Fines -
Up to $2,500 for each violation.

State Fines -
Up to $1,000 for each violation.

If you need help with FACTA compliance Braun Consulting Group can help.
Just contact us and see how we can help.

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