Slip Showing? Truncate Credit Card Receipts

June 27, 2007  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on June 2007 The Federal Trade Commission issued a business alert late Wednesday reminding retailers that the Fair and Accurate Credit Transactions Act requires businesses to truncate electronically-printed credit and debit card receipts to no more than the last five digits of the card number and to delete the card’s experation date.

Congress passed the FACTA provision to minimize the amount of personal identifying information on card receipts, because they can be lost or thrown away and later retrieved by identity thieves. The business alert said data security continues to be among the FTC’s top priorities.

“Businesses that violate FACTA could face FTC law enforcement action, including financial penalties. Data security breaches could also harm customer relations, so compliance with this law is good for business,” notes the alert.