What is FACTA? FACTA is the Fair and Accurate Credit Transactions Act of 2003.
According to a report of the President’s Identity Theft Task Force, identity theft (a fraud attempted or committed using identifying information of another person without authority), results in billions of dollars in losses each year to individuals and businesses.
The final rules require each financial institution and creditor that holds any consumer account, or other account for which there is a reasonably foreseeable risk of identity theft, to develop and implement an Identity Theft Prevention Program (Program) for combating identity theft in connection with new and existing accounts. The Program includes reasonable policies and procedures for detecting, preventing, and mitigating identity theft.
TransNational has adopted a sensitive information policy to help protect employees, customers, contractors and the company from damages related to the loss or misuse of sensitive information. Putting the Identity Theft Prevention Program in place enables us to protect existing customers, reducing risk from identity fraud and minimize potential damage to the company from fraudulent new accounts
