What is the Fair and Accurate Credit Transactions Act (FACTA)?

The Fair and Accurate Credit Transactions Act (FACTA) is a federal law enacted in 2003 that helps to protect consumers from identity theft. The law is designed to protect the personal financial information of consumers by requiring companies to securely store and dispose of financial data. This includes information about credit and debit card transactions, bank accounts, and other types of financial accounts. In Arkansas, FACTA requires that all companies that handle customer data must have measures in place to ensure that data is secure. This includes measures such as encrypting data, setting up access control systems, and using firewalls to protect data stored on computer systems. Companies must also have procedures in place to detect, investigate, and report any breaches of security. FACTA also requires companies to be transparent with their customers and to inform them of any changes to their data security systems. Companies must also provide customers with a way to opt-out of having their data shared with third parties. Overall, the Fair and Accurate Credit Transactions Act helps protect the financial information of Arkansas residents by ensuring that companies properly handle and dispose of personal data. This helps to reduce the risk of identity theft and other security breaches.

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What is the Fair and Accurate Credit Transactions Act (FACTA)?

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