Ways to Ensure Credit Card Fraud Protection

Sensitive banking or personal information can be stolen from consumers without their knowledge. This is why consumers should be aware of the laws governing credit card fraud protection and identity theft.

The Fair and Accurate Credit Transactions Act, or FACTA, was enacted in 2003 as an enhancement to the Fair Credit Reporting Act. FACTA seeks to ensure the safety of the identity and sensitive information of Americans.

FACTA provides for two consumer protections in particular:

• Credit Reporting: According to the Federal Trade Commission, FTC, FACTA “gives consumers the right to one free credit report a year from the credit reporting agencies, and consumers may also purchase, for a reasonable fee, a credit score along with information about how the credit score is calculated.” In essence, consumers may view their own credit reports once a year, free of charge.
• Protection of Personal Information: One of the ways that FACTA combats against credit card fraud protection and identity theft, FACTA governs how information can be displayed on credit card and debit card receipts. FACTA requires the truncation of certain pieces of information so that that information may not be stolen by thieves.

Credit Card Fraud Protection

FACTA requires that merchants truncate the information on receipts so that certain information may not be displayed. However, wise consumers should take certain precautions to ensure their own credit card fraud protection.

Retailers may only print the last five digits of any debit card or credit card on any receipt. They also may not print the expiration date in any way on the receipt. If a merchant fails to comply with this, he is in violation of federal law and may be party to making consumers vulnerable to identity theft.

The FTC suggests that credit card fraud can happen in a number of ways. Digitally, a bank or credit union could get hacked and customers’ information could be compromised.

But fraud does not simply happen via digital means. A discarded billing statement could be found in a trash can or dumpster by a thief or a deceitful server at a restaurant could take a photo of a diner’s credit card or debit card and use the information.

There are many precautions that consumers may take to shore up their own debit card and credit card fraud protection and it is important that consumers know how to protect themselves.

The FTC suggests many ways for consumers to ensure their own credit card fraud protection. The FTC tells consumers,

• Don’t give out your credit or debit card number to anyone over the phone.
• Make sure you don’t leave your credit card behind during a transaction at a merchant or retailer.
• Don’t sign a blank receipt; make sure blank lines are crossed out.
• Do not write your account number on the outside of an envelope.
• Make sure you look at your credit card billing statement to verify all charges were made by you.

Credit card fraud protection is something that both federal law and the consumer himself can ensure. If you believe that you have had your information compromised because of violation to FACTA, you may have a legal case.

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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