10th July 2002
Who knows how to thwart false charges? Lockergnomie Steve Lafferty: "In a recent article over the PayPal issue, it was stated that when using a credit card illegally, the owner of that card is responsible for the first $50. However, sometging that very few people know about is that there is a US Federal provision in the banking industry called 'Reg E' (Regulation E / Electronic Funds Transfer). This stipulates that all transactions will err in favor of the customer (account holder). This means that if your 'bank card' is used without your permission, you are not responsible for any of the charges. My suggestion is never to use a credit card - and only use your bank debit card. That way, if someone steals your number, you are not liable for any of the charges." For more information, please refer to Section 205 on FEDERALRESERVE.GOV. Obviously, this tip only applies to people living in the USA. If you haven't been watching your statements like a hawk lately, you'd be wise to start soon. Identity theft is a growing concern. When my wallet was stolen, I found IDENTITYTHEFT.ORG to be a godsend.