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

Consumer laws in Wisconsin are in place to protect consumers from fraudulent credit and debit card transactions. These laws require financial institutions to act promptly when a consumer notifies them of suspicious or unauthorized transactions. The Fair Credit Billing Act (FCBA) sets out specific rules for banks and businesses to follow when processing credit and debit card transactions. Banks must investigate any claims of unauthorized charges within a reasonable amount of time. If the investigation determines the charge was unauthorized, the bank must refund the money to the customer and can pursue collecting the debt from the merchant. Consumers are also protected under the Electronic Fund Transfer Act (EFTA). This act requires that banks and other financial institutions provide notifications to consumers of the transactions made with their accounts. It also sets up procedures for resolving errors that occur in transaction processing. Banks and other financial institutions must also comply with the Truth in Lending Act (TILA). This law requires that businesses provide consumers with accurate information about the terms of the credit and debit card agreements. It also mandates that banks properly disclose fees associated with using the cards. These laws are in place to protect consumers from fraudulent and unauthorized credit and debit card transactions. They ensure that banks and other financial institutions are providing accurate information about the terms and conditions of their transactions, as well as providing timely investigations of any potential unauthorized charges.

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

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