Whether they’re client receipts for your business or company bank statements, financial records contain all kinds of information you don’t want prying eyes to see. Storing your recent financial records will benefit your company in case you need them, but those older documents only take up space in your office.
Find out whether it’s safe to throw old bank statements in the trash by learning everything you need to know about financial record data breaches.
Your Bank Statements Contain Sensitive Information
Bank statements include personal details like your full name, account numbers, and financial transactions. Unauthorized users can easily use this information to access your accounts or steal your identity. Simply throwing old paperwork into the trash makes it far too easy for someone to retrieve and misuse your data.
Trash Theft Is More Common Than You Think
While dumpster diving might sound outdated, it’s still a tactic used by thieves to retrieve private information. People will sift through documents to find useful information for their personal gain. If you need to throw away your documents, avoid leaving sensitive information intact.
Shredding Is the Safest Disposal Method
A basic paper shredder can drastically reduce the chances of your data falling into the wrong hands. High-quality paper destroyers feature crosscut functions, cutting the paper into tiny pieces to make it almost impossible to reassemble. This extra layer of protection is especially important for office workers handling workplace-related documents.
Some Old Statements May Still Be Useful
Don’t throw away all your documents at once! Older documents can be necessary for tax filings, audits, or verifying financial transactions. The IRS recommends holding onto documents related to taxes for three to seven years.
Digital Versions Simplify Recordkeeping
Most banks now provide digital statements so you can access and dispose of these documents from your computer. Switching to paperless options can help you better manage your finances without worrying about sensitive documents piling up on your desk. Be sure to save PDF copies on a password-protected device or cloud service.
Check Legal Requirements for Document Disposal
Certain regulations, such as data protection laws, may dictate how businesses and employees should dispose of sensitive information. Familiarize yourself with workplace policies or local laws regarding the disposal of sensitive documents. This way, you can safely throwold bank statements in the trash.
If you’re clearing out your workspace, use a paper shredder to take care of these sensitive documents. Old bank statements hold sensitive, important information people can use against your company. Whether you choose to go paperless or file your documents in locked areas, dispose of these financial records properly to avoid security breaches in your business.