FACTA credit card receipt settlements between companies and consumers over the last few years have allowed consumers to take their identity protection seriously and send a strong message to businesses who fail to comply with the law.
What is FACTA?
FACTA is the Fair and Accurate Credit Transactions Act of 2003. The act was designed to protect consumers from identity theft when making purchases with their debit credit. Prior to the passage of FACTA, businesses could print the entire credit card number or debit card number and expiration date on the receipt. This information was a prime target for identity thieves, who could make purchases and steal the identity of the card holder.
FACTA requires businesses to truncate, or shorten, the information that appears on printed receipts issued to customers. Receipts may only include the last five digits of the credit card number or debit card number. They may not print any part of the expiration date on the receipt. Handwritten receipts, receipts imprinted with the credit or debit card and receipts retained by the retailer are not required to meet FACTA guidelines.
Penalty for FACTA Violations
If a retailer violates FACTA rules, they may be subject to penalties ranging from $100-$1000 per each violation. Willful violations of FACTA are the basis of many lawsuits and FACTA credit card receipt settlements. For big businesses, having receipts that violate FACTA even for short amount of times such as during a temporary machine malfunction, can cost companies into the millions of dollars.
Some Recent FACTA Credit Card Receipt Settlements Since 2015
A number of businesses have been the target of FACTA lawsuits in recent years. These companies often enter into FACTA credit card receipt settlements without admitting any wrongdoing in order to swiftly resolve claims and avoid the uncertainty and expense of ongoing litigation. A few FACTA credit card receipt settlements that TCA has followed appear below.
Godiva Chocolatier FACTA Settlement: Godiva agreed to a class action settlement in the amount of $6.3 million to resolve claims that it printed more than the last five digits of consumer credit card numbers on the receipt. Class members who filed as part of the Godiva Chocolatier FACTA credit card receipt settlements were compensated approximately $235.
Jimmy Choo Settlement: In a lawsuit against Jimmy Choo, customers claimed that the luxury shoe retailer printed both the expiration date of the credit card as well as an excess of the last five digits of consumer credit card numbers on the receipt. Jimmy Choo settled the case for $2.5 million to resolve the claims. Class members taking part in the Jimmy Choo FACTA credit card receipt settlements are expected to be awarded between $75 and $175.
LabCorp Settlement: LabCorp was accused of violating FACTA by printing debit card and credit card receipts that included the expiration date. The company settled the claims of the lawsuit for $11 million. Eligible Class members taking part in the LabCorp FACTA credit card receipt settlements were awarded approximately $200.
Spirit Airlines Settlement: Spirit Airlines was the target of two FACTA class action lawsuits when its airport kiosks printed out receipts including more than the last five digits of customer credit and debit card numbers. The company agreed to resolve the claims by paying out $7.5 million. Eligible Class members as part of the Spirit Airlines FACTA credit card receipt settlements were expected to be awarded a varied amount based on the number of claims they submitted, and could receive up to $1000, with most estimated to receive around $265.
Filing a FACTA Lawsuit
If you have been issued a receipt that includes more than the last five digits of your credit card or debit card number or it includes any portion of the expiration date, you may be entitled to seek legal compensation over FACTA violations. A FACTA lawyer can review your case at no charge and can help you understand the legal options that are available to you.
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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