Exercise Your Rights: Victims of Credit Card Fraud Need to Know That the Truth in Lending Act Has Your Back.
With today’s technology, it is very difficult to keep your credit and debit card accounts safe. If you have been a victim of credit card fraud and have fraudulent charges on your credit card, you should be aware of your rights as a consumer. There are many laws protecting consumers from fraudulent activities, today we will discuss the Truth in Lending Act.
Truth in Lending Act protects you in situations like this. Your personal liability for unauthorized credit card charges is limited to only $50.00. However, to take advantage of this law, you must write a letter to the furnisher within 60 days of the first bill containing the fraudulent charge.
If your credit card number is used fraudulently but the physical credit card was not used, you have no personal liability for fraudulent charges.
Fraudulent charges on your debit or ATM cards differ from credit card fraud. They are not as simple as credit cards in terms of unauthorized charges. The amount you are liable for depends upon how quickly you report the loss. If you report a lost or stolen debit card within two days, you are liable for a maximum of $50.00. However, if you do not report it within 60 days you may be liable for the entire fraudulent charges. The good news is that you are not liable for any fraudulent charges made after your debit or ATM card is reported stolen.
Always double-check all charges and vendors that are charging your cards. Act quickly. If you notice any suspicious activity in any of your bank account or credit card statements, report it as soon as possible and be aware of any requests for personal information. Under the Federal Privacy Act of 1974, furnishing your social security number is voluntary; so don’t be bullied by aggressive sales tactics.
If your bank refuses to cover your losses in an event of a fraudulent activity, they may be breaking the law. They may also be breaking the law if they submit the fraudulent account for collections against you or report it negatively to the Credit Reporting Agencies.
If you suspect that your consumer rights have been violated, you should contact an experienced consumer protection attorney who will guide you in the right direction.