By Janet Álvarez - CNBC + Acorns
It has happened to almost all of us: a credit or debit card is lost or stolen, and then we become aware of fraudulent charges on our account.
In these times of economic crisis, fraud has unfortunately become more common.
But the theft of your card or bank information does not mean that you lose your money, on the contrary, in the vast majority of cases, there are consumer protections.
Here are the basic steps you need to take to solve a card slide.
Credit or debit?
The first step to take if your card or information is lost or stolen is to report it immediately to your bank or financial institution.
The faster you report it, the more protections you'll have.
But it should also be noted that there are differences in the protections offered on debit or credit cards.
Credit cards generally offer more comprehensive consumer protection.
Therefore, you must know how to distinguish your rights, and the maximum amount for which you could be liable in the case of fraudulent charges:
In the event of theft or unauthorized use of your credit card, federal law states that you will be liable for a maximum of $ 50 in fraudulent charges.
However, if you report the loss of your card before any fraudulent charges appear, you will have no responsibility.
And many credit institutions offer greater protections, absolutely protecting you against any fraudulent charges.
For this reason, it is wise to review policies and ask about their protections against theft.
On the other hand, the maximum amount of losses due to fraudulent use of your debit card varies depending on the time elapsed between the fraudulent charges and when you report the loss.
If you report it before any fraudulent use, you will have no responsibility.
If you report it within two business days after the fraud occurs, you will be charged a maximum of $ 50.
If you wait between 2 and 60 days after a fraudulent transaction occurs, you could be charged a maximum of $ 500.
And if you wait more than 60 business days to report the fraud, you will be responsible for the full amount.
For this reason, the importance of reporting the loss, theft, or fraudulent use of a card as soon as possible is repeated.
Other steps to take
The theft of your cards or financial information could also lead to identity theft.
First, it is extremely important to review your entire credit report with all three credit bureaus: Equifax, Experian, and TransUnion (you can request a free report at freecreditreport.com).
Fraudulent charges may exist on other accounts, too.
In this case, you could request a "freeze" or complete payment of your credit, so that no other person can use your credit identity for a specified period.
FBI Reports Nearly 4,000 Complaints for Possible Coronavirus-Related Cyber Fraud
April 24, 202000: 25
If you find other evidence of fraud on your credit report, it is important to report the situation immediately to all of your financial institutions, and also to the credit bureaus to protect yourself and resolve the problem.
You should send the credit bureaus a written summary disputing any fraudulent charges in order to erase them from your credit history.
And don't forget to report the fraud to federal and state agencies, if possible.
Finally, get in the habit of checking all your credit card and bank account charges online weekly to identify any unauthorized charges before it is too late.
Keeping track of your finances is the best protection against any loss.
Tips to prevent being a victim of fraud in times of COVID-19
April 8, 202002: 51
This article is part of the Invest in You Ready series. Set. Grow (Invest in you: Ready. Done. Grow), an initiative of CNBC and Acorns, the micro-investment app. NBC Universal and Comcast Ventures are Acorns investors.