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According to Judith Collins, Ph.D., an Associate Professor at Michigan State University's School of Criminal Justice, between 51 and 70 percent of identity thefts result from work-related incidents, where individuals have access to the private information of employees and customers. The Department of Veterans Affairs experienced such a work-related breach when the personal information (including Social Security numbers) of 26 million veterans and their spouses was stolen from a department employee.
In an effort to help victims of identity theft, the Federal Government has placed the financial burden associated with identity theft onto employers through FACTA (Fair and Accurate Credit Transactions Act, 2005).
What does FACTA mean for employers? If an employer's action or inaction results in the loss of private information and identity theft results from that loss of information, the employer faces federal fines of up to $2,500 and state fines of up to $1,000 per employee, per incident. Further, the employer is liable for any actual damages the employee suffers as a result of the loss of information.
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