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Will I be liable for the unauthorised charges if my credit card has been stolen or lost?

You must always use reasonable precautions to prevent the loss of your credit card.

If you do so, you will not be held liable for the transactions occurring after you have reported the loss to your credit card issuer, verbally or in writing.

However, for verbal notification, some credit card issuers may require you to provide written confirmation and a police report to them.

On the other hand, if there is an unauthorised use of your credit card before the report is made, you may be held liable up to a certain amount, depending on the terms and conditions (T&C) of the credit card issuer.

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Reprinted with permission from BankingInfo (A Consumer Education Programme)


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Knowledge Base ID :   1241
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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