FACTA Policy Helps Offset Identity Theft Risks

Identity theft is one of the biggest concerns American consumers have to face, with advancing technology increasing the danger threshold.

While technology has certainly simplified things, it has also made consumers vulnerable to identity theft. Fortunately, the Fair and Accurate Credit Transactions Act (FACTA) has rules in place to help protect consumers against identity theft.

Overview of FACTA Policy

FACTA rules require merchants to update each of their registers and transaction devices to omit any unnecessary information from credit or debit card receipts. The information that had to be omitted from receipts was the expiration date of the card, and all but the last five digits of the cards.

This particular information makes it easy for identity thieves to commit credit card fraud, as it allows them to piece together vital information bits from the cards.

This act was passed in 2003, in order to help the growing problem of identity theft in the United States. FACTA policy applies to all electronically printed receipts produced by cash registers, self-service kiosks, and restaurants.

Of course, consumers are advised to setup several preventative measures to protect themselves against identity theft, such as setting up mobile alerts on their phones, to alert them to any unusual activity; consumers should also closely monitor their checking accounts.

Consumers are advised to avoid using public computers to do personal online activities that involve their banks, and avoid doing any business with unknown online vendors or websites

However, if a consumer’s information is compromised, they should notify their banks or financial institutions immediately and inform local law enforcement of their situation. The consumer should also any of the major credit reporting agencies, such as Experian, in order to set up a fraud alert on their credit reports

Unfortunately, no amount of prevention completely eliminates the risk of identity theft, so it is important that both consumers and merchants take necessary measures to prevent it. In fact, it is federal regulation that merchants must follow in order to reduce the chances of identity theft.

Any consumer who find that their receipts contain more than the last five digits of their credit or debit card receipts, may be eligible to file legal action against the merchant. If merchants are found to be in violation of FACTA, consumers have the right to pursue legal action in either willful or negligent FACTA violation.

As mentioned before, identity theft continues to be a persistent problem in America so it is important that all parties do their part in preventing and protecting against it.

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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