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Account Number Truncation Rules |
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Account number suppression is a requirement from Visa, MasterCard, the federal government and in many states |
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You may already be aware that with the growing rate of identity theft and fraud, Visa and MasterCard have
passed regulations requiring merchants to comply with "account number truncation" rules - a rather technical term for a pretty
simple concept. According to the card associations, account number truncation requires that merchants suppress - or hide - all
but the last four numbers on a printed cardholder receipt, as well as the card expiration date.
In addition, the Fair Credit Reporting Act (FCRA) (15 U.S.C. §1681) and many states' laws require merchants to comply with
account truncation rules. Federal and state legal deadlines will vary, but in some states, the deadline for compliance has
already passed. For specifics about the laws and requirements in your state, please visit your state's legislative website.
For a discussion of the federal FCRA deadlines download
this pdf document from the FTC.
We are here to support you
Whether you require a new application, a new terminal, or both, Chase Paymentech's service support staff can supply you with the
expertise - and the technology - to help you choose the best solution for your business.
Compliance deadlines
Visa required that all terminals deployed after July 1, 2003 be in compliance immediately. Terminals that have been in use prior
to July 1, 2003 must comply by July 1, 2006. MasterCard has set its new and existing terminal deadline at April 1, 2005.
Meeting the deadlines for Visa and MasterCard will satisfy federal/FCRA requirements. However, some states' deadlines for compliance
have already passed. Please keep in mind that each business owner is responsible for ensuring that cardholder receipt printing
procedures are compliant with federal laws, state laws and Visa/MasterCard regulations.
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This document can be viewed electronically on most computers in a PDF format. The
freely available Adobe Acrobat
reader is required to view and print PDF files. Use of Adobe Acrobat Reader 7.0 is recommended. |
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