Act Quickly to Avoid Unexpected Charges

A snatched credit card is one of the most feared events. However, instead of panicking, take immediate action. The best thing to do is to report a lost credit card to your creditor as fast as possible. If you do that swiftly, you are less likely to be responsible for any falsified charges.
What is Your Responsibility for Falsified Bills?
The FCBA is the state law that delineates your rights when your card is stolen. As stated by the law, you won’t be held accountable for any payments if you report the loss before any counterfeit charges are performed on your account. Though, you might be liable for up to $50 if the fraudster uses your stolen card earlier than you report the theft. Therefore it’s vital to report your credit’s theft as soon as you find out it’s lost.
If the fake charges are made employing only your credit card number and not your physical credit card, you won’t be accountable for any of these charges. The credit issuer could ask for the security code on your credit card’s backside to verify the card is still in your hands. Beware that you do not undergo a phishing scam where a thief by saying that fraud has been noticed on your account tricks you into revealing your security code. Only share sensitive information on calls that you initiate to credit card issuer company that you’ve confirmed is legal. The credit card issuer can send a novel card with an updated security code or account number if it has been compromised. This will prevent future illegal charges.
Remember the procedures for stolen debit card charges are unalike. If you report the stolen debit card in two days, your maximum responsibility will be $50. Though, after two days, you can be liable for up to $500. Moreover, if 2 months go by before you report the missing card, you could be responsible for all the bills.

How to Identify illegal Charges
Technology helps us detect missing credit card charges. To make sure no unlawful charges have been made, frequently monitor your account, online or over the phone. Even if you haven’t lost your card, check your account as thieves can make purchases with just your credit card data.

Reporting a Missing Card
The first thing to do when you notice unauthorized charges made on your stolen credit card, quickly contact your creditor. Inform them of the theft and provide the details about the new charges.
Secondly, send a letter informing the date of loss, the date you reported the theft, and the unauthorized purchases made via your account. Make sure you send this letter via certified mail.
Keep your credit number’s copy and the client service department’s phone number. Place them in a place that you can access quickly to contact your creditor if your card is lost.

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