FACTA Protects Debit and Credit Card Receipt Information

Consumers should always take notice of the debit and credit card receipt information on the printed receipt, which could potentially compromise the safety of their personal finances.

The debit and credit card receipt information presented needs to be in adherence to federal consumer protection laws, in particular the Fair and Accurate Credit Transactions Act (FACTA).

Under FACTA, there can no more than the last five digits of the card number present on the receipt, while the expiration date must be completely omitted.

This process is called truncation. Businesses must limit the amount of debit and credit card receipt information exposed on the slip of paper. FACTA applies to all electronically printed receipts from kiosks, cash registers and restaurant tickets.

It is important to note that FACTA does not apply to handwritten or imprinted receipts, in which case consumers are encouraged to use cash instead of card. This is because they have no way of knowing or controlling what happens to their debit or credit receipt information after the transaction is complete.

However, consumers should be wary regarding their debit and credit card receipts regardless, because it could expose them to potential fraud or identity theft.

Overview of Debit and Credit Card Receipt Information

Consumers should always check the debit or credit card receipt information after a transaction, to make sure the appropriate information is correct. The debit or credit card receipt information presented should include:

• Merchant’s DBA (doing business as) name and address
• Date of transaction
• Brief detail of identifiable information describing the products or services
• Purchased (including prices and applicable taxes)
• Authorization approval code obtained from card issuer
• Only the last five digits of card should be present

FACTA applies to all businesses in the Untied States with a point of sale, from family shops to large corporations. If a company utilizes electronically printed receipts, then they are required to confirm the debit or credit card receipt information does not compromise the consumer’s privacy.

By limiting the amount of debit and credit card receipt information presented on the paper, vital personal information of the consumer would lower the risk of identity theft and credit card fraud.

FACTA was established in 2003 to help consumers combat the growing problems of fraud and identity theft. It gave businesses until 2006 to update their transaction receipt software to be FACTA compliant.

In addition to the truncation process on the debit or credit information present, FACTA requires that the three major credit reporting agencies provide consumers with free credit reports to look for any signs of fraud.

Businesses that are not found to be in FACTA compliant could face financial penalties or other penalties from the Federal Trade Commission (FTC). Businesses cane face up to $1,000 per faulty receipt if the consumer can prove willful violation.

Consumers looking to file legal action for FACTA violations should keep the receipts to show the debit or credit card information printed. This way, there can be documentation present when the lawyer evaluates whether or not the consumer can pursue 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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