If you lose your credit card, your personal
liability for fraudulent charges on the credit card won't exceed $ 50, if you report it lost or stolen within 2 business days.
The best way to protect yourself is to make sure that you go over your credit card statement each month and
look for any fraudulent charges that the bank didn't catch.
You will very rarely be held responsible
for fraudulent charges if you make an effort to report suspicious account activity as soon as you are aware of it.
Because the bank has to make up the
loss for fraudulent charges, and the less information they have, the less they can be sure the charge is legitimate.
«We wanted to reach out to our customers quickly to assure them that they will not be
liable for fraudulent charges that may result from this matter,» the company said.
24 - hour fraud protection — Like most companies, Citibank will be monitoring your
account for fraudulent charges and notifying or inquiring about them if they occur.
The issue arose when a user by the name of Superdutynick noticed that both of his credit cards had been used
for fraudulent charges after he made two separate transactions on the OnePlus store.
This stems in large part from new credit card rules that went into effect in October 2015, requiring merchants to upgrade their equipment to accept EMV chip cards or face
liability for fraudulent charges made with EMV cards.
He added that Target would
pay for any fraudulent charges that had transpired as a result of the breach, as well as offer free credit monitoring services to affected guests for up to one year.
Having said that, ultimately you are not generally responsible
for fraudulent charges if your card number is stolen and misused.
You are certainly generally responsible
for fraudulent charges on your card in the EU and I have no clue what the situation is in the rest of the world.
«The company wants to reassure affected customers that they will not be liable
for fraudulent charges that may result from this matter,» it said in the statement.
Fraud Protection: receive notifications of unusual activity, plus zero fraud liability for fraudulent charges
«The malware has been removed from our system, and no customers will be responsible
for any fraudulent charges to their accounts.
Have an added layer of safety knowing that if you lose your purse or wallet you have zero liability for fraudulent charges
You won't be responsible
for any fraudulent charges and you can see fraudulent purchases credited back to your account as soon as the next day.
Your liability is capped at $ 50 if you lose your credit card or it's stolen — and if you report the theft to your credit card company before any transactions occur, you won't be liable
for any fraudulent charges.
It added that customers will not be held responsible
for fraudulent charges to their accounts.
But... why should a consumer ever bother worrying about these in the first place, when he knows he legally can't be held responsible
for fraudulent charges?