WPCNR’S ADAM IN ALBANY. By Assemblyman Adam T. Bradley of the 89th. November 20, 2003: According to the Federal Trade Commission, in the past five years over 27 million Americans have become victims of identity theft. Last year, close to 10 million identity theft victims paid $5 billion in out-of-pocket expenses. Businesses and financial institutions were confronted with $48 billion in expenses. With the number of Americans facing this violation increasing every year, it is essential that we do more to protect people from the devastation of this crime.
That’s why I supported a new law which requires merchants to remove expiration dates of debit and credit cards from electronically created printed receipts (Ch. 499 of 2003). It also requires that no more than the last five digits of the account number appear on the receipt. The simple change will make receipts more secure and protect consumers.
Consumers have increasingly used debit and credit cards to make purchases. These transactions are convenient, but the receipts contain confidential personal information which is easily lost or discarded. This makes it easy for thieves to obtain the information and steal merchandise with someone else’s credit card, and to steal people’s identities.
All new credit and debit-card machines must comply with the new law if they are placed into service on or after January 1, 2004. Machines in use before then have a January 1, 2007 deadline to comply. Violators face a $4,500 penalty.
This is just one of many ways of protecting consumers from identity theft. We must do everything possible to protect debit and credit card users from people who are lurking around for a chance to take our hard earned money.
