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The GLBA, also known as the Financial Services Modernization Act, affects all institutions that offer financial services or products. Affected companies need to understand and comply with the act’s requirements to explain their disclosure practices and safeguard their customers’ sensitive data. Let Access help.
To all services associated with consumer loans, transferring or safeguarding money, providing credit counseling or other financial advice, collecting consumer debts, and an array of other financial activities, regardless of whether the institution providing the service is listed above.
This rule regulates the collection and disclosure of financial information belonging to consumers, and requires relevant institutions to provide privacy notices at the time a consumer relationship is established, as well as annually after that.
In relation to a records management strategy, financial institutions need to securely and efficiently distribute documents to their customers.
This rule requires financial institutions to design, implement and monitor a safeguards program to protect consumer information. The program must describe how the company currently protects, and will continue to protect, their clients’ information from unauthorized disclosure, use, alteration or destruction.
Given the challenges and risks associated with information processing, storage, transmission and retrieval, secure storage solutions and encrypted online interfaces are imperative to a compliant safeguards program.
These provisions prohibit the practice of pretexting (accessing private information through the use of false pretenses).
By limiting and tailoring access levels, and tracking user activity, through a secure data repository, financial institutions can reduce instances of pretexting.