FACTA Compliance Checklist

FACTA, the Fair and Accurate Credit Transaction Act of 2003, was enacted to help consumers fight against identity theft.

Over the years, incidents of identity theft have rapidly increased, and in 2003 the federal government stepped in to create FACTA compliance rules for businesses.

While congress was developing the FACTA rules, several reported surveys focusing on identity theft were released. The Javelin Study, which was published in 2016, revealed that in 2015 13.1 million adults were victims of identity theft in the United States alone.

While it is important for consumers to be vigilant about protecting their own personal information congress also feels that businesses should be required to follow FACTA rules in order to further protect consumers. Businesses that commit FACTA violations can be forced to pay fines for their failure to protect consumer information.

FACTA rules apply to all electronic credit card receipts including those printed at cash registers and self-serve kiosks. Handwritten receipts are not bound by the same restrictions under FACTA.

FACTA Compliance Checklist

Businesses that handle consumer credit cards, debit cards, and social security numbers are required to follow specific procedures in order to protect consumer information from identity theft. Credit card receipts that include full account numbers and expiration dates on the receipt are easy avenues for identity theft.

Consumers interested in ensuring that the businesses they frequent are following FACTA compliance laws should look for the following transgressions:

• A business may not include more than the last five digits of a credit card number on a receipt.
• No portion of a consumer’s credit card expiration date should appear anywhere on the credit card receipt.

An expiration date FACTA violation can take many forms. This can mean showing only the month of expiration, only the year of expiration, or any other combination.

When displaying the actual credit card numbers, violations occur even if fewer numbers than 5 digits are printed on the receipt, if those numbers are not the final five. According to privacyrights.org, a call from a collection agency is often the first sign of an issue with identity theft.

FACTA Violations

Consumers who have shopped with businesses that commit FACTA violations may be able to bring FACTA lawsuits against the business. Consumers who are unsure of the validity of their potential claim can join a free class action lawsuit investigation. During the investigation a legal professional will assist the consumer in determining whether or not joining a FACTA lawsuit is right for them.

Plaintiffs who bring successful lawsuits may receive FACTA statutory damages for each violation. Each FACTA violation committed by a business could result in a $100 minimum statutory payment. Willful violations of FACTA can result in a $1,000 dollar payout per violation.

FACTA claims are usually brought in the form of a class action lawsuit. A class action lawsuit is used when there are multiple plaintiffs whose claims share similar defendants, questions of fact and questions of law. Class action lawsuits help members to spread the costs of litigation among its members.

Free FACTA Class Action Lawsuit Investigation

If you made one or more purchases and the retailer provided you with a receipt that contained more than the last five digits of your credit or debit card number or the expiration date, you may be eligible for a free class action lawsuit investigation and to pursue compensation for these FACTA violations.

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