FACTA Credit Card Receipt Rules Help Protect Consumers from Identity Theft

Some of us are more inclined to carefully check the receipts that we received from retailers, while others do a quick skim and then toss the receipt.

While many of us are simply checking the math to make sure everything adds up correctly and we were not overcharged, there is another vital reason to check your receipts from retailers.

FACTA Credit Card Receipt Rules and Identity Theft Information

In 2003, the Fair and Accurate Credit Transaction Act, otherwise known as FACTA, was passed to protect consumers from having their information easily available when they used credit or debit cards to make purchases.

Before FACTA, retailers could print out the full account numbers as well as the expiration dates of credit cards or debit cards on receipts that were issued to the customer.

If customers were not careful and inadvertently tossed a receipt or lost a receipt, identity thieves could use the information contained on the receipt to make purchases in the owner’s name and find ways to hack the identity of the cardholder.

According to FACTA credit card receipt rules, account numbers must be truncated (shortened) on receipts that are provided to consumers at the point-of-sale.

Retailers are only allowed to include the last five numbers on credit card or debit card receipts. They may provide less than the last five numbers but in no way may they exceed the last five numbers on the credit card receipt to be in compliance with credit card receipt rules.

The expiration date of the credit card or debit card may not be printed on the customer copy of the receipt at all. It must be left off of the receipt completely.

Asterisks or dashes in place of the expiration date or simply having blank spaces where the expiration date would appear are acceptable, but no part of the date may appear on the receipt.

What Happens if a Retailer Violates FACTA?

If a retailer violates factor by printing any part of the expiration date or by printing more than the last five account numbers of the cardholder’s account, the retailer may face heavy penalties as a result.

Violations of FACTA credit card receipt rules carries penalties between $100 and $1000 for each transaction printed that violates FACTA. Willful violation of factor carries the heaviest penalties. Consumers may seek to address these violations of federal law by filing a lawsuit against the retailer.

In the case of large businesses facing class action lawsuits for factor violations, the penalties may be massive and can reach into the millions or even billions depending on how many violations were accumulated during the time that the retailer was not in compliance with FACTA credit card receipt rules.

Filing a Lawsuit over FACTA Credit Card Violations

If your receipt from a retailer contains more than the last five digits of your credit card or debit card number or if the receipt contains any part of the expiration date printed on it, you may be eligible to file a lawsuit over FACTA violations.

An experienced attorney can review your case at no charge to help determine your eligibility to take legal action and to protect your identity and the identities of other customers who may be at risk due to the retailer’s unlawful behavior.

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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