The Fair and Accurate Credit Transactions Act (FACTA) was enacted in 2003, amending the Fair Credit Reporting Act (FCRA). One of FACTA’s primary purposes isto prevent and mitigate consumers’ identity theft. Identity theft is indeed a growing problem. As one study revealed, $15 billion was stolen from 13.1 million U.S. consumers in 2015 due to identity theft. In 2015 the number of identity theft complaints amounted to 490,220.
The Act itself provides for statutory damages ranging from $100 up to $1000 per each willful violation, including knowing or reckless violations. Consumers can protect themselves from identity theft and privacy violations by carefully reviewing their receipts to determine whether the FACTA requirements were met. First, a receipt can only show the last five digits or fewer of a consumer’s credit or debit card number. Second, the card’s expiration date must be completely censored.. Scott D. Owens, P.A. is a leading firm in representing consumers under the Fair and Accurate Credit Transactions Act. We have litigated against some of the nation’s largest corporations and our competent team obtained numerous, all cash, and non-reversionary settlements, some of which are the largest FACTA settlements ever achieved. The dedication, professionalism, and experience of Scott D. Owens and his team have consistently led to excellent results, protecting consumers against invasions of privacy.