Finance Dave
Thinks s/he gets paid by the post
- Joined
- Mar 29, 2007
- Messages
- 1,861
I live in Indiana. Our credit card truncation law is outdated. We still have many businesses that print your entire credit card number on your receipt....making it possible for any employee or person who steals your receipt off the restaurant table after you leave to steal your credit card info.
I always take a marker and mark out all but the last 5 digits...the business does not need all those numbers...I've done this for years.
Regulations on truncation come from FACTA (Fair and Accurate Credit Transaction Act). Although FACTA only permits the last 5 digits, there are so many loopholes that states like mine live on.
Here is a cut/paste from FACTA, signed in 2003.
I always take a marker and mark out all but the last 5 digits...the business does not need all those numbers...I've done this for years.
Regulations on truncation come from FACTA (Fair and Accurate Credit Transaction Act). Although FACTA only permits the last 5 digits, there are so many loopholes that states like mine live on.
Here is a cut/paste from FACTA, signed in 2003.
SEC. 113. TRUNCATION OF CREDIT CARD AND DEBIT CARD ACCOUNT
NUMBERS.
NUMBERS.
Section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c)
is amended by adding at the end the following:
‘‘(g) T
is amended by adding at the end the following:
‘‘(g) T
RUNCATION OF CREDIT CARD AND DEBIT CARD NUMBERS.—
‘‘(1) IN GENERAL.—Except as otherwise provided in this subsection, no person that accepts credit cards or debit cards for the transaction of business shall print more than the last 5 digits of the card number or the expiration date upon any receipt provided to the cardholder at the point of the sale or transaction.
‘‘(2) LIMITATION.—This subsection shall apply only to receipts that are electronically printed, and shall not apply to transactions in which the sole means of recording a credit card or debit card account number is by handwriting or by an imprint or copy of the card.
‘‘(3) EFFECTIVE DATE.—This subsection shall become effective—
‘‘(A) 3 years after the date of enactment of this subsection, with respect to any cash register or other machine or device that electronically prints receipts for credit card or debit card transactions that is in use before January 1, 2005; and
‘‘(B) 1 year after the date of enactment of this subsection,
with respect to any cash register or other machine or device that electronically prints receipts for credit card or debit card transactions that is first put into use on or after January 1, 2005.’
However, FACTA has been challenged on constitutional grounds:
http://www.fileden.com/files/2008/5/16/1914169/grims-v-raves-facta-decision.pdf
A very recent note...
"Since December 4, 2006, consumers have filed hundreds of suits against merchants who allegedly printed a truncated account number and the expiration dates on receipts, arguing that those merchants “willfully” violated FACTA, and seeking $100 to $1,000 for each violation."
Here is a plain language article on this too:
http://www.wlf.org/upload/7-11-08Maniloff.pdf
I just wish they'd stop printing my entire number on the receipt.
‘‘(1) IN GENERAL.—Except as otherwise provided in this subsection, no person that accepts credit cards or debit cards for the transaction of business shall print more than the last 5 digits of the card number or the expiration date upon any receipt provided to the cardholder at the point of the sale or transaction.
‘‘(2) LIMITATION.—This subsection shall apply only to receipts that are electronically printed, and shall not apply to transactions in which the sole means of recording a credit card or debit card account number is by handwriting or by an imprint or copy of the card.
‘‘(3) EFFECTIVE DATE.—This subsection shall become effective—
‘‘(A) 3 years after the date of enactment of this subsection, with respect to any cash register or other machine or device that electronically prints receipts for credit card or debit card transactions that is in use before January 1, 2005; and
‘‘(B) 1 year after the date of enactment of this subsection,
with respect to any cash register or other machine or device that electronically prints receipts for credit card or debit card transactions that is first put into use on or after January 1, 2005.’
However, FACTA has been challenged on constitutional grounds:
http://www.fileden.com/files/2008/5/16/1914169/grims-v-raves-facta-decision.pdf
A very recent note...
"Since December 4, 2006, consumers have filed hundreds of suits against merchants who allegedly printed a truncated account number and the expiration dates on receipts, arguing that those merchants “willfully” violated FACTA, and seeking $100 to $1,000 for each violation."
Here is a plain language article on this too:
http://www.wlf.org/upload/7-11-08Maniloff.pdf
I just wish they'd stop printing my entire number on the receipt.