If your credit card is stolen and you see some fraudulent charges on it, don’t start panicking. There is nothing much to worry about. The government has made it easy for all of us. If you have fraudulent charges on your credit card, you will either only be liable for a small amount or you may also have zero liability. But whenever you discover the fraudulent charges, make sure you report it to the credit card company immediately. It will help them take immediate action.
What should you do when you find out that your card is stolen?
As already mentioned, the moment you notice that your card has been stolen, immediately report it to the credit card company. According to the law, you will be liable to pay up to $50 for any chargers incurred before you reported your card as stolen. However, if there are charges after the reporting of the event you will not pay anything. This is good news because the maximum you will be charged is $50 even if you delay reporting it to the company. However, you can save $50 by reporting it in the timely manner.
Is there an electronic fraud?
Even if your credit card number and other details have been stolen and the physical card is still with you, even then you can incur fraudulent charges. Your credit card can be used on the internet for purchase. As per the law, if your card has not been stolen physically and you are a victim of the electronic fraud, then no matter when you report it, you will not be liable for any charges.
Fraudsters have many ways to trick you into giving the credit card number. A fraudster may give you a call posing as a bank representative and may ask you for your credit card number and other details. Make sure that you never give this information to someone on the incoming call. Find out the number of the bank and give them a call instead. In this way you will be able to prevent electronic fraud.
Who is responsible for the debit card fraud?
Almost the same rules apply for the fraudulent charges on your debit card with one difference. If there are fraudulent charges on your card and you report it within two days, you will only be liable to pay $50. However, if you report it after two days then the liability may increase up to $500. No matter what card you are using, make sure that the theft is reported on time.
How to find out if there are any fraudulent charges
If you are not used to checking your bank statements every now and then, days may go by without you even noticing them. If you have a stolen debit card, you may end up paying a great deal of money. The best way to avoid this is by activating the phone alerts for card transactions. Whenever there is a transaction, you will get a text message on your phone notifying you of the same. In case of fraudulent charge, you will know it immediately.