WASHINGTON (9/11/14)--Credit union members worried their debit or credit card information might been compromised can turn to a new resource released on the Consumer Financial Protection Bureau's (CFPB) blog.
Tips from the bureau's consumer protection bulletin include:
Under federal law, credit card holders who had their account information stolen, but not the physical card, are not responsible for unauthorized charges.
For debit cards, if an unauthorized transaction appears on a statement, but the card or PIN has not been lost or stolen, under federal law consumers will not be liable for the debit if it is reported it within 60 days after the account statement is sent.
If a PIN or physical card has been lost or stolen, the time to report is two business days, in order to limit liability to no more than $50 of unauthorized charges, which is why reports need to be submitted as soon as the discovery is made.
Unauthorized charges that go unreported for more than 60 days could result in money and future charges made by the same person being lost.
Use the resource links below to access the CFPB consumer advisory on card security.