When you purchase a product or service with your credit card or debit card, you might not scrutinize the receipt for private information that would put your security at risk. Yet, all too often, receipts are printed with sensitive personal information which, if left in the wrong hands, could put your bank accounts and financial security at risk. The Fair and Accurate Credit Transactions Act (FACTA) was designed to prevent this from happening by imposing serious fines on companies that print information that could leave consumers vulnerable to fraud.

What is FACTA?

FACTA was enacted in 2003 and is designed to help fight and prevent consumer identity theft. It 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.

Additionally, FACTA states that credit card and debit card receipts given to customers must meet certain requirements:

• Receipts may not display the credit card/debit card expiration dates.
• Receipts may only display the last five digits of a credit card/debit card account number but no more.

FACTA also requires businesses to upgrade their point-of-sale and card processing machines by 2006, so all businesses operating today should have proper machines. 

The Act provides for statutory damages ranging from $100 up to $1000 per each violation. Consumers can protect themselves from identity theft and privacy violations by carefully reviewing their receipts to determine whether the FACTA requirements were met.

If you received a noncompliant receipt, it is more than likely that many other consumers have also had their credit card information exposed as well. Reporting a FACTA violation helps protect you and the public from serious financial security threats. If you believe your rights have been violated, contact us today for a free case evaluation.

We are Advocates for Justice

Hekmat Law Group attorneys fight for victims of FACTA violations and hold companies accountable for inadequate security measures. Contact us today for a free consultation and to learn more about your legal rights. If you think you may need a lawyer, don’t delay in contacting us. Your claims may be barred by a statute of limitations if you wait too long.