How Major Credit Card Networks Protect Customers Against Fraud
By Tim Maxwell From Bankrate.com Credit card fraud ranked as the second most common form of identity theft in 2020, according to the Federal Trade Commission (FTC), trailing very close behind government/benefits fraud. The agency fielded 393,207 reports last year, up 45 percent from 271,823 in 2019, from consumers whose credit card accounts were compromised or who had new lines of credit opened in their name. While statistics like these may fuel consumer fear of credit card fraud, cardholders can take comfort in the fact that the major credit card networks—Visa, MasterCard, American Express and Discover—offer $0 liability protection. That means you won’t be on the hook for purchases you didn’t make if you’re a victim of credit card fraud. Consumers can also be assured their banks or credit card issuers are improving security measures as well. Since banks and credit card issuers absorb much of the financial liability of …
Originally found on the Epoch Times Read More
