FACTA Credit Card Receipt Rules Lower the Risk of Identity Theft

Some people who purchase items from a retail store may not know that the receipts they receive have been printed in violation of a federal law, the Fair and Accurate Credit Transactions Act, or FACTA.

FACTA credit card receipt rules govern how a retailer is allowed to print the electronic receipts they give to customers.

The Fair and Accurate Credit Transactions Act was passed in 2003 during the Bush Administration. It seeks to protect Americans in several ways.

First, FACTA provides that consumers can obtain a free credit report each year from each of the three main national credit reporting agencies including Equifax, Experian and TransUnion.

Additionally, FACTA helps to reduce identity theft by providing for fraud alerts on a consumer’s credit and by limiting what can be put on credit and debit card receipts.

FACTA credit card receipt rules are particularly strict, and while most American retailers have complied with what FACTA sets out as guidelines, some companies still have not changed their policies. This is in violation of federal law and puts consumers’ sensitive financial information at risk for theft.

Identity thieves can steal financial information that is printed on receipts and make an individual’s identity and finances vulnerable. Such a thief may be able to piece together information and commit credit or debit card fraud.

FACTA credit card receipt rules regulate how much information can appear on an electronically printed credit or debit card receipt. Under no circumstances may the expiration date of a credit or debit card appear on an electronically printed receipt under FACTA credit card receipt rules.

Also, a retailer may not print more than the last five digits of the credit or debit card on the receipt. If any more than the last five digits of the card number is printed, the retailer is in violation of the Fair and Accurate Credit Transactions Act.

Merchants are bound by law to protect the financial information of their customers and thereby abide by FACTA credit card receipt rules.

In order to abide by FACTA, merchants must truncate the numbers printed on receipts. This means that the numbers that must be hidden are masked by a different symbol or digit. Often the symbol that takes the place of a number that isn’t printed is a “#” or a “*”. This is done to stay in compliance with FACTA and to protect the sensitive financial information of consumers.

FACTA says, “no person that accepts credit cards or debit cards for the transaction of business shall print more than the last 5 digits of the card number or the expiration date upon any receipt provided to the cardholder at the point of the sale or transaction.”

If you have received an electronically printed receipt that has either the expiration date of your credit or debit card or it has more than the last five digits of your card number printed on it, you may be eligible to take legal action. Speaking to an experienced attorney can assist you in making that decision about recovering compensation for FACTA violations.

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.

Get Started