“I got a call from a woman who said I need credit card loss protection insurance. I thought there was a law that limited my liability to $50 for unauthorized charges. But she said the law had changed and that now, people are liable for all unauthorized charges on their account. Is that true?”
Don’t buy the pitch – and don’t buy the “loss protection” insurance.
Telephone scam artists are lying to get people to buy worthless credit card loss protection and insurance programs. If you didn’t authorize a charge, don’t pay it. Follow your credit card issuer’s procedures for disputing charges you haven’t authorized. According to the Federal Trade Commission, your liability for unauthorized charges is limited to $50.
The FTC says worthless credit card loss protection offers are popular among fraudulent promoters who are trying to exploit consumers’ uncertainty. As a result, the agency is cautioning consumers to avoid doing business with callers who claim that:
you’re liable for more than $50 in unauthorized charges on your credit card account;
you need credit card loss...
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