How to Make a Claim for Credit Card Fraud
Credit cards are one of the safest ways to make a sales transaction. Your card is protected against fraud by the Federal Trade Commission in a way that checks and cash are not. Credit card fraud can be upsetting, but if you know what to do, you can eliminate any liability you have for charges and recover the money you lost.
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Instructions
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Document any transactions that were made fraudulently on your credit card. These include any transaction you didn't approve or a purchase that is more than what you approved. Fraud may sometimes involve purchases you paid for and approved without receiving the item.
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Document the charges incurred on your card that resulted from the fraudulent transactions. Charges may include overdraft fees and returned-item fees for a bank account, or over-limit fees for a credit card.
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Immediately call your credit card company or bank and explain that fraudulent transactions have occurred on your account. You can often find the phone number on the back of your credit card or on your card statement. The operator will forward you to the customer claims department.
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On the phone, detail any charges incurred because of the fraudulent transaction. Make sure your current credit card is canceled immediately to prevent any more transactions. The company will then issue you a new card through the mail.
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Fill out any claims forms that are needed. Typically, a bank or credit card company will email or fax the forms to you. You will need to provide information about each fraudulent transaction. Sign the form and fax it to your credit card company or bank right away.
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If the fraudulent transactions occurred on a lost card, report the date it was lost and the date you noticed the transactions.
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Inspect your account each day. Make sure your company has reversed all transactions, including any charges incurred because of the fraudulent activity. Be sure your credit card company or bank understands that you should not be responsible for any charges incurred because of the fraud.
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Tips & Warnings
According to federal law, you can be liable for only up to $50 if you report a lost credit card within two business days. However, banks usually waive the liability because they want to keep your business. If your credit card number was stolen but not the card itself, you're not liable for any changes, under federal law.
If you lose your card and fail to report it within two business days, you could be liable for up to $500 in unauthorized transactions.
