Credit Card Fraud Prevention Tips

Credit card fraud is a serious concern for the general public of the United States, affecting millions on a daily basis. Investigators describe credit card fraud as the act of fraudsters and identity thieves retrieving personal financial information of consumers, then using or selling this information for illegal purposes.

Often this information is sold to other individuals who wish to use the victim’s financial for personal means or their purposes. While there are stiff penalties in place for these violations, credit card fraud is often hard to track and difficult to prosecute.

Given how common the occurrence is, consumers are encouraged to practice a number of precautions to help lower the chances of credit card fraud including:

• Not lending their credit card to anyone
• Not leaving their receipts in insecure areas
• Not giving their account number out to third parties
• Not signing a blank receipt
• Report any suspicious charges on the card’s bill
• Report any lost or stolen debit and credit cards

There are also number of laws that help protect consumers against credit card fraud and identity theft, including the Fair and Accurate Transactions Act (FACTA).

Overview of FACTA Credit Card Fraud Protections

FACTA was enacted in 2003 to help combat the growing problem of fraud and identity theft occurring with consumers. Under this provision, businesses are required to control the amount of card information that appears on receipts to help lower chances of identity theft and credit card theft.

Specifically, FACTA allows businesses to show no more than the last five digits of the debit or credit card number. The expiration date may not appear at all. By hiding this personal financial information of the consumer, the chances of identity theft and credit card theft are significantly lowered.

This FACTA policy applies to all printed receipts from cashiers and other transaction machines. It does not apply to handwritten or imprinted receipts, however.

Businesses who are in FACTA violation could face stiff penalties. Plaintiffs who bring  a successful FACTA lawsuit can win up to $1,000 in statutory damages per faulty receipt. Any consumer who finds that they have a receipt not up to FACTA standard may be in a position to seek compensation.

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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