FACTA Helps With Identity Theft Protection

Identity theft protection is a prevalent concern on the minds of consumers across America, and many often take measures to lower their chances of theft or fraud.

One of the ways to ensure identity theft protection for consumers is enforcement of the Fair and Accurate Credit Transactions Act (FACTA) which requires merchants to conceal vital personal information on card receipts.

Under FACTA, merchants are required to perform truncation, eliminating all but the last five digits of the card number from receipts. They also must omit the expiration date to help identity theft protection and prevent credit card fraud.

By concealing this information, thieves and fraudsters have increased difficulty in obtaining consumers’ vital personal information that would allow them to exploit their personal finances.

Overview of Identity Theft Protection

However, even with FACTA in place the chances of identity theft remain prevalent, with consumers being advised to educate themselves on how to conduct their own identity theft protection.

This means understanding what information thieves specifically target, and knowing the steps to take to discourage fraudsters:

• Consumers should look for any signs of identity theft on their taxes, even though the IRS also looks for any signs of fraud or tax scams. It is not uncommon for fraudsters to use made up Social Security numbers to file fake tax forms for claims.
• According to a 2013 report from CCN, identity fraud occurs every two seconds.
• According to the Federal Trade Commission, identity theft has been the top complaint from consumers for the past 15 years.
• Even though receipts can be dangerous, it is important to note that the healthcare system is more plagued with identity theft than any other industry in the country.
• Parents should take care with their children’s information. A child’s identity can be stolen before the child even has any credit. Identity thieves often do this to open up a new line of credit.
• Consumers should freeze or cancel their accounts if they notice any suspicious charges or other signs of fraud.
• Consumers should be vigilant for anyone trying to steal their mail, as some thieves prefer the old fashioned way of theft.
• Thieves and fraudsters often use social media posts to find personal information on consumers, often through the social media profiles.
• Smartphones are vulnerable to identity theft and fraud, especially if the consumer shops a lot online. Consumers should only use a secure Wi-Fi connection, keep software updated, and always have their screen password-locked.

In addition, consumers should also be aware that there are two basic monitoring services offered by the government, which are credit and identity. Under FACTA, consumers are entitled to one free credit report from one of the three major credit reporting agencies: Equifax, Experian, and TransUnion.

The federal government has contingency plans for over 30 different types of identity theft, with many involving taxes and protecting the identities of children. Consumers who are aware of FACTA and educate themselves already increase their identity theft protection, but should always be vigilant because these methods are not fool proof.

Consumers can report merchants for providing electronically-printed receipts that are not FACTA compliant. Penalties range from fines or legal action depending on the situation. Consumers who believe they have witnessed these violations should contact a 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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