What are the different types of fraud protection programs?
Fraud protection programs are created to help protect consumers from fraudulent activity associated with the use of credit cards. Washington state has several different types of fraud protection programs available to consumers. One of the most important programs is the Credit Card Act of 2009. This act was established to provide consumers with more protection against deceptive practices, unanticipated fees, and abusive terms. The act also requires Credit Card companies to clearly spell out the terms of any credit card agreement and provide consumers with additional information. By law, credit card companies are also required to give consumers at least 45 days of advance notice if their terms and conditions are changing. This gives consumers time to understand the changes and decide if they want to continue using the card. Another type of fraud protection program is Chargeback Protection. This program provides consumers with a way to dispute a charge made to their credit card if they feel like the transaction was fraudulent. The program involves the credit card company initiating an investigation and, if necessary, refunding a portion or all of the charge. Finally, most credit cards also offer Zero Liability Fraud Protection. This program protects the cardholder from unauthorized transactions made with their card. If fraudulent activity is detected, the cardholder will not be held responsible for the charges. Overall, Washington state has a variety of different fraud protection programs for consumers to take advantage of. These programs are designed to help protect consumers from fraudulent activity and provide them with an additional layer of protection when using their credit cards.
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