Business Responsibility to Protect Consumers
Companies have a responsibility to protect customers from credit identity theft were possible. Not only is it a matter of law, it’s also good customer service to ensure sensitive information is used in an ethical, safe way. According to the Bureau of Consumer Protection, companies must properly store or dispose of sensitive information that is collected as part of the business process.
Credit Identity Theft Policy Overview
If your small business deals with financial, health, credit, or information about children, then you might need a credit identity theft policy in place to ensure you’re complying with numerous federal, state, and industry regulations. Some regulations you’ll need to be familiar with include:
The Children’s Online Privacy Protection Act, which regulates the type of information you can collect online from children with and without their parent’s permission.
The Gramm-Leach-Bliley Act, which requires any company offering financial services to provide an explanation of data sharing and safeguard practices.
The Fair Credit Reporting Act, which govern how entities access, use, store, and dispose of personal financial information.
Minimal Procedures to Protect Your Company and Customers
Employees Adhere to Credit Identity Theft Privacy Policies