Visa and MasterCard zero-liability protection applies to your debit card but only for transactions that do not involve the use of your PIN (personal identification number). And if you are the type of person that gives a passing glance to your monthly bank statement, you could be totally liable for any fraudulent debit card charges if you wait 60 days or more from the time your statement is mailed. 500 if you don't report the loss or theft within two business days. Your liability for debit card fraud can jump up to Rs. 50, the same as for a credit card, but only if you notify the issuer within two business days of discovering the card's loss or theft. For example, your liability under federal law is limited to Rs. The protection offered to debit card fraud is similar but with a few exceptions. MasterCard and Visa offer zero-liability protection where you won't pay any charges if someone uses your credit card to make an unauthorized purchase. If the credit card is not physically present when an authorized or fraudulent purchase is made, such as over the internet, you're also free from liability for those charges. However, if you notify the credit card issuer before a thief is able to make any charges you may be free from all liability. 50 (for example) of unauthorized charges. Under federal law, if someone steals your credit card you're only responsible to pay the first Rs.
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