Business & Finance Credit

Consumer Protection and Individual Credit Card Responsibility

    Safeguarding a Credit Card

    • Your first responsibility as a credit cardholder is to deter unauthorized third parties from gaining access to your financial accounts. The most effective way to safeguard your credit accounts is to shred old billing statements and paperwork with personal information before you discard them; avoid obvious passwords like your birth date, your mother's maiden name, or the last four digits of your Social Security number; protect your PIN; and keep additional credit cards in a secure place at home.

    Fraud Protection

    • Credit cards carry fraud protection. If you report a lost or stolen credit card within 30 days, you're not responsible for any charges made after you report the card missing. If an unauthorized user makes transactions prior to you reporting the card missing, you may be liable for up to $50. Failure to notify your credit card issuer within 30 days of a lost or stolen credit card might result in your being liable for the full amount of unauthorized charges.

    Card Verification Code

    • Credit cards contain a three- to four-digit card verification code (CVC), also known as a card value verification (CVV) code. The code appears on the front or back of a credit card and protects Internet and over-the-phone purchases. Consumers are asked to provide the code when making such purchases. If, for example, an unauthorized user illegally gains access to your card number from an old billing statement, without the CVC, he is barred from making purchases.

    'Zero Liability' Policy

    • Credit card companies must investigate fraudulent credit card charges. A credit card issuer must reverse any charge found to be fraudulent. If you are the victim of identity theft, you must report the crime to the authorities and notify the three major credit card bureaus of the crime. Credit card payments processed by Visa, MasterCard, American Express and Discover are subject to a "zero liability" policy on fraudulent charges.

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