I've heard several stories of people getting their cards stolen and maxed out, and then since they were the victim of fraud, they get their stolen money back. Where does that "money back" come from? Perhaps I pay a fee for an insurance on my account that I'm not aware of? Or does the FED poop a golden egg and make all the ouchies go away?

 

The credit card companies front the cash and lose the money. Though, they will refuse to pay the merchant in some cases...

 

In the Canadian province I live in there are provincial laws that are set out on the liability due to credit card fraud etc.

eg:
Liability for unauthorized use of lost or stolen card
Subject to subsection (2), if a credit card is lost or stolen, the card holder
(a) is not liable for any debt incurred through unauthorized use of the card after the card issuer is notified of the loss or theft; and
(b) is liable for no more than a total of $50., or any lesser amount set out in the credit agreement, for debts incurred through unauthorized use of the card before the card issuer is notified of the loss or theft.

Max.

 

"Where does that "money back" come from?"


It's all Digital money anyway..........

 

The money comes from the infinite pool of money created by the financial establishment.

The proper question would be "who pays for this?"

The answer to that is every working person in the future.

 

Or does the FED poop a golden egg and make all the ouchies go away?

That is also partly the answer. That is what is called QE, quantitative easing.
And also TARP, Troubled Asset Relief Program.

 

The Federal Reserve, (Private Banking Cartel)....is throwing $85 BILLION per month into this withering economy.
They do not care about where it comes from, because every last dime of our tax money/payments,.....goes directly to the "Federal Reserve Cartel".

It's just Ones and Zeroes, to them.

 

The credit card companies front the cash and lose the money. Though, they will refuse to pay the merchant in some cases...

So either you pay in higher fees to the credit card company or you pay in higher prices that the merchant has to charge to cover theft losses. In the end, we all pay.

 

That is also partly the answer. That is what is called QE, quantitative easing.
And also TARP, Troubled Asset Relief Program.

Which was started under the Bush admin. Most people who know anything about economics know what a catastrophe would have happened if no injection of cash had been made. We saw it during the depression of the 30's.

 

Financial politics isn't the smartest topic to be discussed online. The risk is too high.

 

Every time you pay with a credit card they take a fee from the retailer, it can be around 2.5%, so they have plenty of money to cover it.

 

I have read your post and found it interesting. Actually when it happened you should deactivate your card and suppose someone used it and you lost your Money through this then the bank is not responsible to pay it or refund it but if someone hack your account and used it or spend money then Banks are must refund your money after a short inquiry. It's not a tough job.

 

I have read your post and found it interesting. Actually when it happened you should deactivate your card and suppose someone used it and you lost your Money through this then the bank is not responsible to pay it or refund it but if someone hack your account and used it or spend money then Banks are must refund your money after a short inquiry. It's not a tough job.

I've thought about that angle.

What if you are like us and don't use, or check; your card on a daily basis?

Sometimes, we go for weeks or months, and not even pull a card out.

 

I have read your post and found it interesting. Actually when it happened you should deactivate your card and suppose someone used it and you lost your Money through this then the bank is not responsible to pay it or refund it but if someone hack your account and used it or spend money then Banks are must refund your money after a short inquiry. It's not a tough job.

Any other idea...!!!