Key provisions are focused on:
- Combating identity theft; and
- Enhancing credit information accuracy.
FACTA enhances consumer credit safety while reinforcing organizational obligations to secure and responsibly manage sensitive data, including:
- Red Flags Rule. Identity theft detection plan requirements for financial entities.
- Secure Disposal. Mandates safe shredding or deletion of consumer data.
- Receipt Truncation. Limits printed info on receipts, no more than last five digits and no expiration dates.
- Cybersecurity. Demands internal controls for data disposal, monitoring mechanisms for detection of unusual access and governance around credit-related data.
