How do consumer laws protect against fraudulent credit and debit card transactions?

Consumer laws in Hawaii help protect against fraudulent credit and debit card transactions by requiring that merchants follow certain rules. Transactions must be completed within a reasonable amount of time and the merchant must obtain the cardholder’s written authorization for any credit or debit card transaction of more than $50. Merchants must also make sure that the card is valid and properly signed or obtained via secure chip technology. Furthermore, merchants are required to complete all transactions according to the terms of the cardholder agreement. Additionally, customers must be provided with an itemized receipt following any transaction. These receipts must include the merchant’s name, the total amount of the purchase, the date of purchase, and the last four digits of the cardholder’s account number. This provides important protection against unauthorized or fraudulent charges. If a transaction is disputed, the customer has the right to file a chargeback. A chargeback is a request from the cardholder’s issuing bank to the merchant’s acquiring bank asking for a refund of the disputed charges. However, merchants must be able to provide proof that the transaction was authorized or completed correctly in order for the chargeback request to be approved. Overall, the consumer laws in Hawaii help protect cardholders from fraudulent transactions by requiring merchants to follow certain rules and providing customers with certain safeguards. This helps to ensure that customers are safe from unauthorized charges and can rely on the safety of their credit and debit card transactions.

How do consumer laws protect against fraudulent credit and debit card transactions?

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