12.1.6 Credit card and debit card fraud

Credit card and debit card fraud happen when someone uses your card, card information or personal identification number (PIN) without your permission. The person may get your information electronically or steal your card from your wallet or mailbox. The fraudster then uses the card to make purchases or to withdraw money from your account.

Debit card fraud can be even more damaging than credit card fraud. With credit cards, most financial institutions have a zero liability policy and will reimburse you for fraudulent charges. With debit card fraud, scammers remove the funds directly from your account, so your money is gone. The financial institution has to do an investigation before you get reimbursed.

In either case, if you gave someone your personal identification number (PIN) or carelessly let them see it, or if you used a password that is easy to guess, the financial institution may refuse to reimburse you.

See video: Debit and credit card fraud.

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