Credit Card Security: Is Zero Liability Really Zero Liability? Peekskill NY

By Eva Norlyk Herriott

With credit card fraud on the rise, millions of consumers every year experience firsthand the fear of seeing charges they never made appearing on their credit card. In most cases, victims have no idea how fraudsters managed to get a hold of their credit card information, nor when and how the next attack might strike.

Fortunately, there are many ways you are protected. Visa, MasterCard, Discover, and American Express all use several layers of security measures, including sophisticated fraud detection systems to monitor credit card accounts for unusual activity.

One of the greatest assurances that cardholders have, however, is Zero Liability on unauthorized charges. This means that if someone else uses your card in a store, on the telephone, or for on-line purchases, it’s the bank or retailer that will end up swallowing the cost, not you.

But is Zero Liability always zero liability? According to the fine print, under certain circumstances, cardholders may not be as protected as most might think. While you’ll likely be issued an immediate credit for fraudulent charges, this is a provisional credit and subject to final review. The actual coverage you’ll receive may be delayed, limited, or rescinded by your credit card issuer pending a review of the fraudulent charges. ...

Click here to read the full credit card article from CreditCard Guide.