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How Scammers Made Millions Through Small Credit Card Charges

Monday, August 23, 2010 - 5:05 AM
According to this New York Times article, the FTC has filed suit against scammers who placed more than $10 million in fraudulent charges on consumers’ credit and debit cards. The bogus charges weren't large. All were under $10, and each cardholder was only hit once which all allowed the scammers to go unnoticed for years.

Article has some useful info on the cardholder liability:
By law, consumers are liable for no more than $50 in fraudulent charges on a credit card and no more than $500 in fraudulent charges on a debit card, if reported by specified deadlines. But in practice, most major banks offer full protection from losses attributable to fraud. Someone must first identify the fraud, however.

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Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
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