(June 11, 2008) - In an effort to combat Identity Theft, the final provisions of The Fair and Accurate Credit Transactions Act (FACTA) expand the Identity Theft component of the Act. According to these new provisions, companies that haven’t taken “appropriate measures” to safeguard information from Identity Theft can be sued and face not only civil, but criminal penalties. TLV Group’s risk and compliance division is focused on helping smaller businesses comply with these provisions in a timely and cost effective manner.

“This law exposes smaller businesses to bet-the-company litigation risks that are onerous and can be mitigated with proper planning,” says Lisa Vann, Vice President of Operations for TLV Group.

As stated in the Winter 2007 issue of Texas Business Today released by Texas Commissioner Ron Lehman, “Simply put, if data aiding an identity theft originates from a security breach at your company, you could be sued, fined, or become a defendant in a class-action lawsuit by affected employees whose personal information has somehow gotten out.”

Compliance with this law is not generally difficult for large companies with security or privacy officers and large compliance departments. However, implementing a compliance program can be expensive for smaller companies. TLV Group has partnered with the best Identity Theft experts and privacy lawyers to bring smaller companies a sensible and effective compliance solution.

Lisa Vann is an expert in developing and implementing risk and compliance solutions. Her risk and compliance experience includes designing programs for public companies to comply with the Sarbanes-Oxley Act to developing programs to mitigate risk at smaller companies in the areas of energy transactions, governmental reporting and identity theft.

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