Beware of Offers for Credit Card Loss Protection InsuranceBeware of Offers for Credit Card Loss Protection InsuranceTelephone scam artists will scare you with tales of computer hackers accessing your account, or they'll tell you the law has changed to make you liable for all unauthorized charges. Taking advantage of consumer ignorance and uncertainty, these scam artists will push you to buy credit card loss protection insurance. But don't fall for this scam. According to the Federal Trade Commission, your liability for unauthorized credit card charges is limited to $50.
Telephone scam artists will scare you with tales of computer hackers accessing your account, or they'll tell you the law has changed to make you liable for all unauthorized charges. Taking advantage of consumer ignorance and uncertainty, these scam artists will push you to buy credit card loss protection insurance. But don't fall for this scam. According to the Federal Trade Commission, your liability for unauthorized credit card charges is limited to $50.
The 360 Degrees of Financial Literacy Web site offers general information for managing personal finances and does not recommend specific financial actions. For financial advice tailored to your situation, please contact an expert such as a CPA or a personal financial advisor.
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