USA Under the Fair Credit Billing Act, (USA) your bank cannot hold you liable for more than $50.00 of fraudulent charges. If your bank does hold you liable for any of this $50.00, we will cover the entire liability for you, up to the full $50.00. We will only cover this liability if the unauthorized use of your credit card resulted through no fault of your own from purchases made while using our secure server. In the event of unauthorized use of your credit card, you must notify your credit card provider in accordance with its reporting rules and procedures. For more info visit the Fair Trade Commission’s website.
Canada A similar law is in place in Canada. According to Section 12 of the Cost of Borrowing Regulations associated with the Bank Act, the maximum liability for unauthorized use of a credit card issued by a federally regulated financial institution is $50. This means if a consumer is found liable for a transaction, they must pay the lesser of $50 and the maximum set by the credit agreement.
Above and beyond the $50 maximum liability, Visa, MasterCard and American Express offer additional protection through their zero liability policies. But it’s important to remember that those policies have conditions—especially when it comes to timelines and personal identification numbers (PIN).