Are you liable for fraudulent credit and debit card charges? - Crawford Ellenbogen

Credit and debit card fraud was already a problem when COVID-19 hit. But new fraud exploded in 2020 and continues to wreak havoc in 2021. If you become a victim of payment card fraud, how much might you lose? The good news is that the law limits liability for unauthorized charges. In most circumstances, your out-of-pocket loss will be $0 to $50. However, if you delay reporting a stolen card or unauthorized charges on a card statement, your liability could be $500 or even more. So it’s critical to contact your card issuer the moment you lose your card or suspect fraud. Contact us for more information.