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By Jamie Smith
Whether you're shopping online or offline, you're at risk of being a victim of credit card fraud. Criminals can use your credit or PIN to run up charges in your name and put a big dent in your finances. Fortunately, if you're using a Visa credit card, you'll have zero-liability coverage, which provides protection against unauthorized use of your card. Check out this detailed guide to find out what the Visa Zero Liability policy covers.
Visa Zero Liability is a provision in your Visa credit or debit card agreement stating that you won't be held liable for any unauthorized transactions. This means you don't have to pay a single penny if someone steals your credit card or account information and uses it to make purchases. The policy offers full protection regardless of the size of the transaction or shopping method. However, it doesn't apply to commercial cards, ATM transactions, and non-Visa branded PIN transactions.
As a Visa credit or debit cardholder, you'll be fully reimbursed for losses due to fraudulent activities as long as you meet certain obligations. These obligations include notifying your credit card issuer as soon as you notice any unauthorized transactions and taking reasonable precautions to prevent your card and account information from being stolen.
If you're using a debit card, you have to report the unauthorized or disputed charges to your financial institution within 60 days of the date of the statement in which the charges appear. Failing to do so can make you responsible for the entire amount lost to fraud. Some banks and credit unions also impose the same rule for reporting credit card fraud.
That’s why it's important to constantly monitor your credit card account so that you can quickly identify any fraudulent transactions. At minimum, you should carefully review your monthly statement. You can also use your card issuer's online banking or mobile app to check your account history or sign up to receive an alert every time a transaction is made.
Once an unauthorized transaction is reported, your financial institution will investigate the suspected fraudulent activity. They'll examine the transaction details to look for evidence supporting your claim. While the investigation is going on, you'll receive provisional credit for the alleged losses resulting from the unauthorized use of your card. This will happen within five business days from the date of fraud notification.
Thanks to the Visa Zero Liability policy, if your financial institution finds that your claim is valid, the provisional credit will become permanent. On the other hand, if they decide that the dispute is invalid, they may remove the replacement funds from your account.
With the Visa Zero Liability policy, you can use your Visa credit or debit card to shop with absolute confidence. However, you should be prepared to take additional steps if an authorized transaction shows up in your account, such as filling out a fraud claim form or making a police report in the case of a stolen credit card. Also, if the outcome of your card issuer's investigation isn't in your favor, you may not get any compensation for your losses.
The best way to protect yourself against credit card fraud is to prevent it from happening in the first place. To avoid unauthorized use of your credit card, you must first know the different methods criminals may employ to commit their fraudulent activities. Some examples of these include:
Credit card fraud can happen when you least expect it. Nevertheless, you can reduce your chances of being a victim by following these helpful tips:
From big purchases to expanding your financial flexibility, the Alliant Visa Platinum credit card can make it happen.
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