Sponsored Links :
Who Deals With Credit Card Fraud ?
Many people have the misconception that credit card fraud is propagated by the Internet. Although it is true that credit card fraud on the Internet is increasing, it is safer to use your card online than using it in a restaurant, where the chances of identity theft are higher. |
If your credit card is stolen or lost, you should immediately inform the card issuer. Usually credit card companies have 24-hour toll-free numbers where you can contact and inform them of the theft or loss.
The good news is that once you report the theft or loss of your credit card, you no longer have the responsibility to pay for any transactions that occur on your card. In addition, under the US federal law, you maximum liability is $50 per card and most credit card companies are happy to waive this amount if the customer is good.
Unfortunately, most merchants are not happy with the laws for credit card fraud because they end up incurring heavy financial losses when a stolen card is used to make purchases from their establishment. The merchants feel that they have the short end of the stick as they have to pay the amount for the credit card used in their establishments.
So, who deals with credit card fraud in the United States? The Federal Trade Commission (FTC) has the responsibility of dealing with credit card fraud. That is why people are advised to report fraud directly to the FTC. The FTC investigates credit card fraud when the total amount of the fraud does not exceed $2,000. However, if the amount is more than $2,000, the local law enforcement agency takes over the investigation and deals with the credit card fraud.
More Articles :
|
Who Deals With Credit Card Fraud ?
