Law Takes Effect To Protect Credit Card Numbers
A new law took effect on July 1, 2005, which prohibits North Carolina businesses that use electronic credit-card machines from printing a customer's entire credit card number on a receipt. The law, approved by the General Assembly in 2003, requires that any new credit card machines installed after February 2004 print only the last five digits of the credit card number. All businesses had to be in compliance with the stricter standards last week or face fines of $500 per violation up to $2,000 per year. The measure applies to the receipts given to customers. Merchants are still allowed to keep receipts with complete card numbers and expiration date for their records. The bill is aimed at reducing credit card fraud, which costs companies about $2 billion a year, according to Bankrate.com, an online personal finance and research service.