FACTA Receipt Rules

Many of us don’t think twice about possible identity theft when we get a credit card receipt or debit card receipt from using our cards to make an electronic purchase at a store or other business.

Did you know that certain rules and regulations known as FACTA have been put into place to help protect your identity when it comes to the receipts you are issued in a point-of-sale transaction?

Learn how to identify if the receipts you receive are in compliance with the law and what to do if you have received a receipt that can put your identity at risk.

What is FACTA?

FACTA stands for the Fair and Accurate Credit Transactions Act. Passed in 2003, this act was an amendment to the Fair Credit Reporting Act to help further protect individuals from identity theft.

Many people are aware of the free annual credit reports they are eligible to receive since the legislation passed, but not as many are aware of the credit card receipt and debit card receipt rules that are part of FACTA.

Businesses have been required to follow FACTA regulations completely since 2006 after a phasing-in period. Now all businesses have had the decade to comply with the rules, but some businesses for one reason or another have still had problems with compliance, potentially putting consumers in danger of having their identity stolen.

FACTA Receipt Rules

Under FACTA, businesses must comply with the truncation requirement for credit and debit card receipts that are printed electronically. According to the truncation requirement, businesses may have no more than the last five digits of the credit card or debit card number printed on the receipt. They must also not have the expiration date appear at all on the printed receipt.

FACTA truncation rules only apply to electronically printed receipts. For receipts that are handwritten or have the debit or credit card imprinted, FACTA truncation requirements do not apply.

Examples of FACTA Compliant and Noncompliant Receipts

Below are several compliant ways in which a business may list the credit card or debit card account number:

Acct #: XXXX XXXXXX 71103

Card No.: **** **** **** 1286

Acct No.: XXXXX XXXXXX XXXXX

Card No.: **** **** ***1 7970

And compliant expiration dates may look like the following, or may be left off of the receipt completely:

EXP: **/**

Exp Date: XX/XX

EXP:

Noncompliant debit card receipt or credit card receipt account numbers might look something like the following:

Acct #: XXXX XXXXX9 71103

Card No.: **** 3482 **** 1286

Acct No.: XXXXX 148515 XXXXX

Card No.: 54** **** **** 7970

And noncompliant expiration dates may look like the following:

EXP: 02/**

Exp Date: XX/17

EXP: 02/18

Filing a FACTA Violation Lawsuit

If a company violates FACTA, the Federal Trade Commission may issue fines and consumers are also allowed to bring lawsuits against companies who put consumers at risk of identity theft. If a company has willfully found to be in violation of FACTA, statutory damages of $100 to $1000 per transaction may be assessed.

For even a small mom and pop shop with a few dozen customers a day, the fines can be hefty. For larger companies with thousands of transactions per day, the financial impact could be astounding. Class action lawsuits have been filed against major companies who have had noncompliant receipts and settlements for such actions have cost companies millions.

If you have received a debit card receipt or credit card receipt that does not comply with FACTA rules, you may be entitled to legal compensation. A FACTA attorney can review your case at no charge and can help you understand your legal options.

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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