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What To Do If Your Card Is Stolen

Your wallet has been stolen. Your purse is missing.

In addition to your driver's license, personal pictures, and cash, you've lost something else.

Your credit cards.

Credit card theft is a common crime. If you were to be victimized, would you know what to do? The first thing you should do is call the credit card issuer and report it. Almost all companies have toll-free lines that are open 24 hours a day. Then follow up in writing. Give them as many details as possible: when you last saw your card, when you noticed it was missing, when you first called to report the loss, etc.

The big question is how much of he fraudulent charges can you be held liable for? Under federal law your maximum liability for unauthorized use of your card is only $50. And that is only if a thief uses the card before you report it to the credit card company. If you realize your card is missing and you act quickly you can report it stolen before the thief has a chance to use it. In that case, you will not be liable for any unauthorized charges.

If the thief stole only your credit card number and you still have the card itself, you can not be held liable for unauthorized use.

Do the same rules apply for debit cards? No. Debit cards work a little differently. Under federal law your liabilty for unauthorized use of your debit card depends on how quickly you report it.

If you report the theft before the thief has a chance to use your card you have zero liability. The card issuer can not hold you responsible for any unauthorized use. But the longer you wait, the more you stand to lose.

If the thief uses the card before you report it missing, you could lose a lot more than $50. If you report the loss within two business days your maximum liability is only $50. But if you don't report it within two business days you could lose up to $500.

And if you do not report the loss until 60 days after you receive a bank statement showing fraudulent activity, there is no limit to your loss. You could quickly find your bank account empty with no way to get it back.

So if you do find yourself a victim a of credit card theft, limit your losses by reporting the theft as quickly as you can.

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