According to statistics compiled by the Association of Certified Fraud Examiners, the Federal Trade Commission handled 5.7 million identity theft cases in 2023. Identity theft is a global issue that generates over $55 billion in financial losses each year. Although it’s mostly associated with data breaches and cyber attacks, a significant percentage of identity theft still originates from paper records.
Secure document disposal is an important aspect of operating a small business in the District of Columbia, Maryland, and Virginia (DMV) region. At TrueShred, we get many questions from customers about this importance, and we are always happy to answer them.
Why Shredding Matters
Cybersecurity experts estimate that dumpster diving, a low-tech fraud tactic, is the modus operandi in about 10% of identity theft cases. In underground forums, many hackers boast about their dumpster diving prowess and its lucrative potential. Along with social engineering, it gives malicious hackers “street cred” because it pays respect to the methods used by old-school hackers.
Dumpster diving can be opportunistic or highly targeted. Cybercrime groups often manage specialists who “scope out” the dumpster section of commercial properties. If they notice unshredded paper records in the garbage, they plan a diving expedition. Opportunistic dumpster diving aims to score a trove of paper records that can be turned into “fullz,” which are individual records with full credentials to open a new credit card account. Targeted diving is almost invariably used for sophisticated phishing. For example, the discarded correspondence of a CEO could be crafted into a digital impersonation.
Shredding matters because it’s the most effective and proactive defense against dumpster diving and phishing. As a small business operator, you have a fundamental duty to protect the information privacy of your customers, employees, and business partners.
Compliance Considerations
If you operate a small business in the DMV, secure document disposal is a non-negotiable matter of legal compliance. Depending on the industry and commercial segment of your company, you would be subject to the FACTA Disposal Rule, Gramm-Leach-Bliley Act (GLBA), HIPAA standards for Protected Health Information (PHI), and other federal regulations. If your business handles data from international customers, you must also consider global equivalents, like GDPR in the European Union.
A data breach from dumpster diving can result in more than business fraud situations. Fines for FACTA violations can be as high as $2,500 per record. If the breach makes news headlines or is reported on social media, your business reputation would be tarnished. You could also face lawsuits filed by customers, employees, or business partners for mishandling their information and failing to protect their privacy.
On-Site vs. Off-Site Shredding
TrueShred makes record compliance easy for DMV small business owners and managers with compliance shredding solutions. On-site shredding allows members of your legal and compliance teams to observe the process without breaking the chain of custody. Off-site shredding is ideal for businesses that have accumulated bulk quantities of records for secure destruction. You can request on-demand services, schedule recurring on-site or off-site sessions, or bring your documents to our Manassas facility.
Choosing Your Shredding Partner
Compliance and dependability are the primary factors you should consider when choosing a DMV document destruction partner. In the United States, a AAA certification from the National Association for Information Destruction (NAID) is the strict compliance factor you should look for.
TrueShred adheres to more than 20 standards verified by NAID Certified Protection Professionals. We undergo annual and random audits to maintain our AAA certification. Our document handling and destruction processes effectively extend your company’s chain of custody, of which we become the final party. We document the entire process before issuing a Certificate of Destruction for your files. Our document handling specialists physically protect your records throughout the process, keeping them away from unauthorized parties.
Your DMV shredding partner should also apply a responsible approach to final disposal. We work with established recycling partners to reduce the environmental impact of document disposal. For each metric ton of paper shreds TrueShred recycles, we save 17 trees and 360 gallons of water. Paper scraps are often recycled into toilet paper, tissue, and bonding elements for the construction industry, particularly for the gypsum and roofing segments.
We serve the D.C., Virginia, and Maryland area. To request a quote or schedule document shredding for small businesses, contact the TrueShred office today.
