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Credit card fraud is on the rise in the United States. Luckily, many security features are widely found in major credit cards, and card providers are constantly developing unique and effective fraud-prevention tools.
Zero liability protection is one of the most important fraud-protection tools you’ll find. As long as you’re diligent about reporting fraudulent purchases, you won’t have to pay for them. All major banks offer this feature, though this isn’t necessarily the case with smaller issuers. Given the importance of this security feature, you might weight this into your considerations when choosing a card.
Here’s a brief list of major banks that offer zero liability protection:
The Chase Sapphire Reserve® is an excellent choice for Chase credit card fraud protection. As a cardholder, you’re covered by the bank’s usual suite of security features, such as account encryption, suspicious-activity alerts and multiple authentication checks.
If your card is lost or stolen, Chase can expedite your card replacement for delivery in one to two business days.
On top of fraud-prevention features, the card also comes with shopping benefits like purchase protection, return protection and extended warranties.
These are cards that offer tools to guard against unauthorized purchases on your account. Under the Fair Credit Billing Act, you can be responsible for no more than $50 if your credit card is stolen and used without your consent. And if your credit card number is stolen and used, you aren’t liable at all.
In truth, you often won’t be liable for any fraud activity thanks to the security features and policies adopted by most major credit card issuers.
Common fraud-protection features include:
Zero liability | Fraud alerts | 24/7 fraud monitoring | EMV Chip | |
---|---|---|---|---|
American Express | ![]() | ![]() | ![]() | ![]() |
Bank of America | ![]() | ![]() | ![]() | ![]() |
Barclaycard | ![]() | ![]() | ![]() | ![]() |
Chase | ![]() | ![]() | ![]() | ![]() |
Citi | ![]() | ![]() | ![]() | ![]() |
Capital One | ![]() | ![]() | ![]() | ![]() |
Discover | ![]() | ![]() | ![]() | ![]() |
US Bank | ![]() | ![]() | ![]() | ![]() |
Wells Fargo | ![]() | ![]() | ![]() | ![]() |
Here are a few out-of-the-box benefits you might find with certain providers:
Card freeze/lock | Temporary card numbers | ID theft protection | |
---|---|---|---|
American Express | ![]() | ![]() | ![]() |
Bank of America | ![]() | ![]() | ![]() |
Barclaycard | ![]() | ![]() | ![]() |
Chase | ![]() | ![]() | ![]() |
Citi | ![]() | ![]() | ![]() |
Capital One | ![]() | ![]() | ![]() |
Discover | ![]() | ![]() | Optional 15.00/month |
US Bank | ![]() | ![]() | ![]() |
Wells Fargo | ![]() | ![]() | Optional $6.67/month |
All major credit card providers offer robust fraud protection. That’s because they have a big incentive: Each time they miss an unauthorized transaction, they may have to pay for it out of their own pockets.
Any reputable provider will be happy to tell you how it protects you from fraud. Typically, you’ll find this information in a dedicated content hub on the provider’s website.
At the very bottom of the American Express website, for example, you’ll find a link that takes you to the provider’s Security Center.
If you suspect your card has been used fraudulently, call your bank immediately to report the unauthorized transaction. You’ll find the customer-support number on the back of your card.
If your card is lost or stolen, check your bank’s website for the general support phone number. A representative will help you deactivate your card and get a replacement. Ask if your bank offers expedited shipping on replacements.
Your card provider will open an investigation into the charge. If the charge was fraudulent, your provider will send you a new card and account number.
In the meantime, you may receive a credit on your account for the amount of the charge.
Unlike credit cards, debit and ATM cards don’t necessarily offer the same level of fraud security and protections. Your liability for misuse is as follows according to the Federal Trade Commission.
Your maximum liability is… | If you report the theft of your card… |
---|---|
$0 | Before fraudulent purchases are made. |
$50 | Within two business days after becoming aware of the theft. |
$500 | More than two business days after becoming aware of the theft, but within 60 calendar days of receiving your card statement. |
Unlimited | More than 60 days after receiving your card statement. |
Strong fraud protection is paramount to keeping your finances safe. Carefully examine how a potential card provider will guard your information, and verify that it offers a zero-liability benefit.
If you’re curious about how this topic, check out our guide on credit card security.
Pictures: Getty Images
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