What role do banks and credit unions play when a retailer loses credit or debit card information?
Though banks and credit unions did not cause the Hannaford data breach, they bear much of the costs associated with any unauthorized transactions. Banks and credit unions will also take steps to monitor accounts and reissue account numbers if they determine that it is necessary to avoid fraud. What laws protect me from losing money to fraud? Federal and State laws give consumer certain rights regarding unauthorized electronic withdrawals or charges made with a debit or credit card. Credit card protections Credit card customers are protected by Regulation Z, a federal law that limits consumer’s losses to $50 per card. In most cases, consumers who report fraudulent charges against their credit card are not held liable for those transactions. Consumers must dispute unauthorized charges within 60 days of the date an unauthorized charge appears on their statement. Debit card protections When information contained on a debit card has been compromised by way of data breach, federal law provid
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- What role do banks and credit unions play when a retailer loses credit or debit card information?
