Credit and Debit Card Receipt Violations Raise Chances of Identity Fraud

Consumers across the country are being warned against credit or debit card receipt violations, which may expose personal identifiable information that increases risk of identity theft and credit card fraud.

These receipts are in direct violation of the Fair and Accurate Credit Transactions Act, which mandates merchants to perform truncation on printed receipts.

The process of truncation is omitting or hiding certain information on the credit or debit card receipt, in order to prevent valuable identifiable information from being stolen.

The information protected must include all but the last five digits of the card, and must completely omit the expiration date.

Under FACTA, all merchants with a device able to produce receipts must be able to adhere to the federal guidelines. If consumers find that their receipts do not meet the FACTA standard, these credit or debit card receipt violations could result in the store being fined up to $1,000 per receipt.

Even though FACTA was first established in 2003, the federal government gave merchants until 2006 to update their cash registers and other receipt printing devices.

This federal law is important, as these printed receipts document the point of sale transaction for the consumer and contain vital personal information.

Therefore any consumers who notice any credit or debit card receipt violations should report them, in case the receipt becomes lost or stolen.

Overview of FACTA Compliance

FACTA compliance applies to all electronically printed customer credit or debit card receipts, produced from cash registers, self service kiosks and restaurant tickets.

FACTA was established in the United States to help combat against the rising rate of credit card fraud and identity theft, making any credit or debit card receipt violations very important to consumers.

In addition in lowering the chances of identity theft and credit card fraud, consumers can also receive free annual credit reports from each of three largest reporting agencies Equifax, Experian and TransUnion.

Overall, if consumers report credit and debit card violations they lower their chances of credit card fraud and identity theft.

As mentioned previously, businesses can be fined up to $1,000 per receipt violation. These charges can quickly add up, depending on how large the company is and how many purchase transactions are made on a daily basis.

Consumers who spot these credit or debit card violations on their receipts, may be able to file legal action against the company. Potential claimants can contact a specialized lawyer, to determine eligibility for a FACTA lawsuit.

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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