So what does one do if they’re cards are stolen, or has been the victim of credit card fraud. What is the next step in order to protect one’s accounts?
To begin with, when a person looses a credit or charge card, or if they know that they've been stolen, they should immediately call the card issuer(s). Most companies have toll-free numbers and 24-hour service to deal with emergencies like these. Once a cardholder has reported loss or theft they have no further legal responsibility for unauthorized charges. Cardholders that suspect fraud may be asked to sign a statement under oath that they did not make the disputed purchases. According to federal law the maximum liability $50 per card.
In the US, credit card fraud exceeding $2000 can be reported to the Federal Trade Commission (FTC) and to local and regional authorities, depending on the amount and type of fraud.
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