Protecting Financial Records from Theft

As a financial service provider, your organization has access to highly confidential information related to your clients’ personal and financial lives. Protecting this sensitive information from identity theft is not just a matter of best practice—it is essential for remaining compliant with both state and federal regulations. A failure to adequately secure data can have severe consequences, including heavy financial penalties, loss of licensure, reputational damage, or even legal action. It is your responsibility as a financial institution to ensure that your data protection protocols are comprehensive, up-to-date, and effective.

Who is Considered A Financial Institution?

• Central banks

• Online banks

• Brokerage firms

• Investment banks

• Investment companies

• Loan companies

• Mortgage companies

• Credit unions

• Insurance companies

• Payment processing firms

• Trust companies

• And many more

Financial institutions encompass a wide range of organizations that are engaged in financial or monetary transactions such as deposits, loans, investments, insurance, or currency exchanges. If your organization falls under this broad umbrella, you are subject to strict regulatory oversight when it comes to how you collect, manage, and store personal financial data. These regulations are enforced by government agencies such as the Federal Trade Commission (FTC), the Securities and Exchange Commission (SEC), and various state regulatory bodies. Non-compliance can lead to audits, investigations, and serious penalties.

In today’s digital world, cyberattacks and data breaches are becoming more common and more sophisticated. However, physical documents containing sensitive information still pose a significant threat if not handled properly. Identity thieves often target financial records, loan documents, account statements, and even printed emails that contain confidential client data. This is why protecting paper-based information is just as important as implementing digital security measures.

A breach in your information security systems—whether digital or physical—could result in the loss of your clients’ trust, significant fines, legal consequences, and in some cases, the closure of your business. In severe instances involving gross negligence or criminal intent, business owners could even face jail time. Therefore, safeguarding your clients’ personal information with  onsite document shredding services is not just a legal necessity, but a fundamental aspect of your organization’s integrity and reputation.

How Shred America Can Help

At Shred America, we specialize in information security solutions designed to help financial institutions like yours protect client data. Our onsite document shredding services ensure that your confidential paperwork is destroyed securely and efficiently. We provide secure document collection consoles for your office, allowing employees to safely dispose of outdated or unnecessary records that contain private information.

Our services are compliant with industry regulations, including the Fair and Accurate Credit Transactions Act (FACTA) and the Gramm-Leach-Bliley Act (GLBA), ensuring your organization stays on the right side of the law. With Shred America, you can focus on serving your clients while we help you protect what matters most—their trust and their identities.