Identity Theft And Scams: How To Get Your Money Back
By
Easy Tips
—
Friday, 27 July 2018
—
Credit Tips
Identity theft - What are you liable for, Identity theft is when your personal details are stolen and identity fraud is when those details are used to commit fraud. If money has been stolen from your bank account, or your debit or credit card has been used fraudulently, in most cases, you should be able to get that money back. What happens if money was stolen from your debit card,
Tell your bank or building society as soon as you think your bank card might have been stolen, or that someone got hold of your account’s security details. If money is stolen from your debit card, then the relevant piece of legislation is the Payment Services Regulations. It says you must be refunded immediately if you have had money taken from your account without your permission.
You’ll be liable for any unauthorised withdrawals made before you tell your bank or building society, up to a maximum of £50,. If the bank has reasonable grounds to think you have been grossly negligent with the security of your account or tried to commit fraud , it can delay refunding while it investigates. You can be liable for all the losses, but realistically this will only apply if the bank or building society can prove you were grossly negligent.
This means more than ordinary carelessness, for example telling someone else the PIN for your bank card, or leaving it written where anyone can see it in your office or workplace. Unless the bank can prove you’re liable it must refund the money and put your account back in the state it would have been if the money had not been taken.
This means that any interest or charges you have paid because of the fraud must also be refunded. You won’t be liable for any losses once you have reported that your card has been stolen, or if you report that someone else might have got hold of the security details of your account. What happens if the money was stolen from your credit card, If the money stolen is on credit, the Consumer Credit Act applies.
This legislation states that for any unauthorised transactions the cardholder might be held liable for the first £50 spent if a card is lost or stolen. Again many banks and building societies will waive this. Once the theft has been reported to the card provider, the cardholder is not liable for any further money spent. In reality your bank or credit card provider might not charge you for any money spent by fraudsters, unless it can prove you have been negligent. Report any lost or stolen cards or unauthorised transactions to your card provider as soon as you spot them.
One way to make sure that you are not entering the credit card information into the wrong place is to avoid entering your number into websites that you get to through links in emails. You should also check your credit report as often as you can. That way, if there are any unusual charges on your card, or evidence of credit card fraud, youll know right away.
The first thing you should do if you notice irregular charges is to call your credit card company and report the stolen credit card. Remember, if you call in right away, you will not be held responsible for the charges on your card. The best way to keep yourself from falling victim to credit card fraud is to stay aware of what your credit card is being used for.
Preventing credit card fraud online can be very challenging, even more so than brick and mortar credit card fraud, if you are not using the right tools for the job. What makes it inherently more difficult to stop credit card fraud online is that you are not in the physical presence of the thief.
You have no photo ID to compare to the face behind the credit card, and as such, you have to rely on more technologically sound methods to detect and prevent. Unfortunately, technology is not foolproof, especially if you are playing with the wrong bank identification number database. Preventing credit card fraud starts with establishing identification.
While many people rely on the three digit code on the back of the card as proof that the person using the card actually has ownership of it, this doesn't prevent against lost or stolen cards. While a bin database purports to stay on top of card numbers that are being used in questionable ways, many fail to keep their rolls updated the way that they should.
Keeping a good database costs money, and many companies would rather inflate their profit margins and leave you in danger of chargebacks, rather than pour in the necessary resources to run a good product. Be leery of those businesses that are able to severely undersell their competition. If you run an online business, then you must, must, must, invest in a reputable bin database. That's the only way you'll be able to tell if the customer has put any holds on the card because of a lost or stolen criteria.
It is your responsibility to make sure that you know about these measures, even as it is the customer's responsibility to report their card lost or stolen the moment it comes to their attention. Just like customers may be financially liable for forgetting to do so, you could lose the merchandise and the sale if you do not follow due diligence as well. So the key to preventing credit card fraud online is that you must invest in the safety of your business, not only for your customer's well being, but your own as well.
Using credit card BIN numbers wisely requires one to have the courage to stand up to potential fraud and the organization to use best practices in discouraging shady transactions to begin with. If you want to make money, then you need to be taking credit cards at your business. And though it may cost more, if you want to protect your business from fraud (and your customers), then you will need to use a credit card BIN numbers lookup service.