LOSS AND FRAUDULENT USE

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LOSS AND FRAUDULENT USE

Published by sam - 20/09/07 - 10:09:39 am

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Although MasterCard and Visa report annual losses of about $250 million resulting from the counterfeiting, theft, or fraudulent use of their cards, your personal responsibility as a cardholder is strictly limited.

If your card is lost or stolen, you are expected to report its loss promptly to the issuing bank through the 24 hour telephone hotline number the bank provides. If you report the loss before a finder has made any use of the card, you are not responsible for any charges. If unauthorized use has been made before you report the loss, you will waive the charge. If, however, unauthorized use of your card was made without actual presentation of the card—as in the case of a telephone order—you are not liable for any amount. Because if these limits, the various credit card insurance policies, which cost several dollars a year, may not be worth buying.

Although loss of a card will do you no major harm financially, it can inconvenience you seriously, because as soon as you report the loss, the bank cancels your card and may take as long as two weeks to set up a new account for you. In the interim, your card is unusable, even if is should turn up at home or be returned by the finder. For this reason, and to protect yourself against other unauthorized uses, we suggest you take the following precautions:

· Sign your new card as soon as you receive them, and cut all expired cards in two before discarding them
· Keep a record of your account numbers and expiration dates in a safe place
· Avoid signing blank charge slips of possible. If this is not possible—as in the case some automobile rentals—make sure that you are dealing with a reputable firm.
· Destroy all incorrect charge slips and all carbons, since the latter may be used to retrieve your name and account number, which can then be used for the fraudulent telephone purchases.
· If possible, keep your card in sight during a transactions and be sure to retrieve it
· Do not disclose your account number over the telephone unless you have initiated the transactions, and do not write it on envelope that you plan to mail.
· Save your charge slips for checking against your statement, and open each statement promptly to check for unauthorized transactions.
· Never lend your card to anyone
· Keep a record of the hotline telephone number provided by the issuer to report a lost or stolen card.

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September 20, 2007 | Charge Cards, Banking |

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