Mobile banking may make it easy for you to complete purchases online and in store, but modern technology can also make you more susceptible to frauds and scams. Even when you think you’re being careful, the smallest decisions can put you and your money in danger. If you believe you have been a victim of fraud, here’s our tips on how to go about reporting suspicious activities, and what you can do to prevent it from happening.
Debit or Credit?
It’s important to determine whether it’s your debit or credit account that has been compromised. With credit card transactions, it’s much easier to dispute a charge because companies can check with the merchant to see how and when the charges were made. If the credit was not yet processed, you may still have a chance of retrieving the money.
Debit cards, however, are a whole other story. Since it works much like cash, once a transaction has bee completed, it’s considered paid for unless you argue with a merchant on a refund. Imagine trying to refund cash in a store without a receipt or telling the cashier someone stole your money and bought something here with it. The chances of getting that money back are quite slim.
Thankfully, most banks have a zero liability program for debit cards if you report fraudulent activity sooner than later. By reporting it within two days of the transaction, you may be liable for up to $50 for the charges. If reported before 60 days, the charge bumps up to $500. It’s an annoying price to pay, but if you’ve been scammed out of more than thousands of dollars, it’s still worth it to get anything back at all.
Read more: http://www.digitaltrends.com/lifestyle/how-to-handle-debit-and-credit-card-fraud/#ixzz2HJsaA5VF
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