FACTA Survey Results
Below are results for a recent poll of more than 500 small businesses by
zTelligence© and Fellowes®. The majority (90%) consisted of nine or fewer
employees, and 85.5 percent of the respondents are small business owners.
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When asked what acts or regulations they had heard of, the fewest (13.1%) knew
about FACTA.
Of the 13.1 percent who had knowledge of FACTA.
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53% had little or no knowledge of FACTA's general principles, and 64% had
little or no knowledge of penalties for non-compliance.
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56.4% were unfamiliar with the types of documents that need to be shredded.
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58.9% said they didn't know when the legislation went into effect.
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More than one-third said they never dispose of personal information, and those
who do don't properly destroy the information before throwing it away.
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Now that FACTA is in effect, nearly 60% said they will shred documents.
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43.1% said it would be helpful to have more information about the legislation
and compliance.
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34.7% will turn to the Internet for FACTA information.
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Nearly 60% said they would benefit most from having general information on what
the legislation entails (28%), and details on what and what not to shred (30%).
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For those who currently dispose of their documents, 58.5% shred, 11.1% burn,
8.3% tear up, and 1.4% pulverize.
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23% said their company's document destruction policy had recently changed due
to either FACTA or the increase in identity theft.
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