Fear FACTA: Lessons From The Act's 1st Decade

Law360, New York (December 21, 2013, 1:04 PM EST) -- All businesses, large and small, that issue electronically generated credit or debit card receipts to consumers at the point of transaction are subject to the “truncation” requirement of the Fair and Accurate Credit Transactions Act of 2003.

This seemingly modest provision, which forbids credit and debit card receipts, whether for $1 or $100,000, from displaying more than the last five digits of the cardholder’s account number, unleashed a wave of class action litigation, no doubt due in large part to the act’s establishment of statutory damages...
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