Gone are the days when cash was the only option to buy or purchase anything. Everyone has a credit or debit card these days. But as technology advances so do the issues related to it. Of late we have heard so much about credit and debit card related frauds that most of us are wary of using them. But does that mean that we should discard this cashless means of a transaction? Definitely not. Today I make an attempt to teach you all about your rights in regards to illegal transactions made through your cards.
Will Card Insurance Help If You Are At Fault?
When selling card insurance the companies try to scare the customer into buying their policy. However, what they don’t tell you is that if the fault is your own then you are left to your own devices. They will not come to your assistance and even if they do, the financial assistance lent is not worth paying the price. The insurance company will bear the risk only if the fault is that of a third party or somewhere in the system.
Customers Real Liability Without Insurance
It’s time to Be Aware Rather Than Be Scared.
The table given below will rightly summarize the customer liability in case of card frauds.
| If You Report | Your Maximum Loss |
| Before any illegal charges are made | $0 |
| Within 2 business days after you learn about the theft or loss of your card. | $50 |
| More than 2 business days after you learn about the theft or loss of card, but less than 60 calendar days after your statement is sent to you. | $500 |
| More than 60 calendar days after your statement is sent to you. | All the money taken from your ATM, debit or credit card account and maybe more. |
Food For Thought
If a little awareness and some proactive measures are all that you need to limit your liability in case of card fraud, then that is what you must do. Spending money on card insurance is just going to be an added expense which you can readily do without. Be aware to be safe.
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Source: https://www.consumer.ftc.gov/articles/0213-lost-or-stolen-credit-atm-and-debit-cards
