February 24, 2024

Key takeaways

  • The Fair Credit Billing Act helps protect consumers against fraudulent or inaccurate credit card charges
  • Many credit card companies offer zero-liability fraud protection if you report the fraudulent charges within 30 days
  • Once fraudulent charges are reported, the bank has 30 days to respond to your issue
  • Banks have 90 days to complete the investigation of the fraudulent charges and issue a decision

Credit card fraud has been on the rise in recent years, and you may be wondering what to do if you have been an unfortunate victim of this crime.

The Federal Trade Commission reports that there were more than 441,000 cases of credit card fraud reported in 2022, up 13 percent from the about 389,000 cases registered for 2021. And these numbers have been growing steadily in the last few years.

Credit card fraud is one of the most common forms of identity theft, and it involves the criminal use of someone else’s personal credentials in order to use the credit card to purchase goods and services in an unauthorized manner.

There are systems in place to help victims of credit card fraud sort out the damages. So, let’s take a look at what you should know if you find yourself in a situation where your personal information has been violated, including whether or not you might be liable.

The Fair Credit Billing Act

The Fair Credit Billing Act (FCBA) is a 1974 amendment to the Truth in Lending Act that puts in place consumer protections against…

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