Fraud protection on prepaid debit cards and credit cards

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enormity
 
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Fraud protection on prepaid debit cards and credit cards

Postby enormity » Tue Feb 01, 2011 3:35 am

For prepaid debit cards what fraud rights and protections do you get by law? I have been using a prepaid card now for 11 months and realized I don't know what will happen if I ever get fraudulent transactions on my card.


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Mogul of Pineapples
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Postby Mogul of Pineapples » Sun Feb 06, 2011 7:20 pm

I don't use prepaid cards and to be honest my knowledge about them is average, at best.

Someone correct me if I am wrong but Visa or Mastercard purchases processed without a PIN have fraud liability protection that is similar or the same as credit cards. For fraud protection on prepaid debit card PIN transactions it should be the same rights as if it occurred on a regular debit card, which aren't much.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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naomibatac
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Postby naomibatac » Wed Oct 05, 2011 11:48 pm

Debit and credit card are protected by the bank when they are registered. If the card is stolen, the bank can reverse charges and even inform customers for any doubtful transactions. On the other hand, prepaid credit and debit cards are not protected similar to debit and credit card because they are not directly linked to a bank. The only protection is to keep your pin number only to yourself.
[size=60]I don't have any relationship to the credit cards or companies discussed here. I am solely a regular member of this forum with no direct financial rewards from this site. My opinions are solely mine.[/size]

A mom of 3 and currently living life, and working for credit card helpline, a company dedicated to helping people get out of credit card debt.



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